Wednesday, March 30, 2011

Akin: Trust Amendment will control federal spending

Rep. Todd Akin, R-Mo, has introduced an amendment that he says will get government spending under control. From the news release:

Congressman Todd Akin (MO-2) today introduced the TRUST Amendment, H.J. Res. 51.

Akin stated:

“In 2010, every penny of federal tax revenue was spent on entitlement programs and paying minimum interest on our national debt. Then, after entitlement programs were satisfied, we went on to borrow enough money to fund our national defense and general government operations.”

“For the last forty years, our tax revenues have averaged 18% of our GDP, while our spending has averaged 20.4% of GDP. This year, our spending rose over 24% of GDP and, driven by mandatory spending, it is expected to keep rising, reaching 26.4% of GDP in 2021.”

“Not only is our current level of spending unsustainable, it jeopardizes our national security as we become increasingly indebted to foreign countries.”

That’s why I am introducing the TRUST (Taking Responsibility for the US Today) Amendment. This simple constitutional amendment would constrain federal spending to eighteen percent of GDP – unless two-thirds of Members of Congress vote to override this limitation. It would go into effect five years after ratification.”

“Decades of uncontrolled spending have proven that Congress lacks the willpower to restructure entitlements in a way that brings spending under control. Yet the consequences of continuing on our current trajectory are almost too severe to contemplate. My amendment will force Congress to make the tough choices that will preserve prosperity and opportunity for future generations.”

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