Senator Mike Lee Proposes Balanced Budget Amendment to Counter National Debt

Senator Mike Lee, a Republican from Utah, recently proposed a balanced budget amendment that would require Congress to balance the budget each year before raising the debt ceiling or increasing taxes. The proposal, known as the Lee-Kyl amendment, would also limit government spending to 18% of the country's Gross Domestic Product (GDP). Lee's goal is to prevent Congress from accumulating more debt and to promote fiscal responsibility.

In a February 28, 2011, interview on the Fox News Channel's "Fox and Friends," Lee discussed his proposal and its potential impact on the national debt. He emphasized that the current federal spending level of 25% of GDP is unsustainable and that his amendment would provide a much-needed check on government spending. Lee's proposal has gained support from several Republican lawmakers, including Senator Jon Kyl, and he believes that some Democrats may also back the measure due to widespread public support for it.

Key Takeaways:

• The Lee-Kyl balanced budget amendment proposes to limit government spending to 18% of GDP.
• The amendment would require Congress to balance the budget each year before raising the debt ceiling or increasing taxes.
• Senator Lee's proposal has gained support from 18-19 Republican cosponsors in the Senate.
• The Hatch-Cornyn balanced budget amendment, a competing proposal, would allow for a simple majority vote to circumvent its provisions, whereas the Lee-Kyl amendment would require a two-thirds super majority vote in both houses to do so.
• The current federal spending level of 25% of GDP is unsustainable, according to Senator Lee.
• The American people are overwhelmingly in favor of putting Congress in an economic straightjacket to promote fiscal responsibility.

Statistics:

• 18-19%: The proposed limit on government spending as a percentage of GDP in Senator Lee's amendment.
• 20%: The limit on spending proposed in the Hatch-Cornyn amendment.
• 25%: The current federal spending level as a percentage of GDP, which Senator Lee calls unsustainable.
• 18-19: The number of Republican co-sponsors for Senator Lee's balanced budget amendment.
• 2/3: The super majority vote required to circumvent the provisions of the Lee-Kyl amendment.
• 40 years: The historical average federal spending level as a percentage of GDP, which Lee cites as a target for the government to follow.