In an effort to stem the nation’s ever-increasing debt, the State Senate has given approval to a measure calling on Congress and the president to reduce spending and initiate a constitutional amendment mandating a balanced budget.
Sen. Dan Newberry, R-Tulsa, is principal author of Senate Concurrent Resolution 33, co-authored by Rep. Glen Mulready, R-Tulsa. Newberry said the federal government’s inability to stop adding to the national debt is one of the greatest threats facing the country today.
“Right now, our nation’s national debt is more than $15 trillion and growing daily. The interest payments alone are more than $200 billion each year,” Newberry said. “Clearly the president and Congress lack the political will to stop spending money we don’t have. A constitutional amendment would force them to balance the budget and reduce spending.”
Newberry noted that Oklahoma, like most other states, has a balanced budget mandate. However, he noted, the federal government has not produced a balanced budget since 2001, and just last year raised the debt ceiling to prevent the nation from facing default for the first time in history.
“This is an unsustainable course. Every penny that is being paid on that interest alone is money we are taking from hard-working Americans and that much less money going into our economy,” Newberry said. “For the sake of our children and our grandchildren, it is time for all of us to demand a constitutional amendment that will force the federal government to reverse direction before it is too late.”
SCR 33 now moves to the House of Representatives for consideration.