The time is right for a balanced federal budget

With Sine Die fast approaching, I find myself reflecting on a concurrent resolution introduced by Reps. Tyler Sirois (R-Merritt Island) and Tommy Gregory (R-Lakewood Ranch) early in Florida’s 2024 Legislative Session. House Concurrent Resolution (HCR) 703: Balanced Federal Budget proposes calling a constitutional convention to consider amending the U.S. Constitution to include a balanced budget requirement at the federal level. Both HCR 703 and its Senate companion, sponsored by Sen. Blaise Ingoglia (R-Spring Hill), received strong support, with the former passing both chambers.

This concurrent resolution could not be more timely. Recently, the Wall Street Journal reported that multiyear highs in treasury yields will force the federal government to pay significantly more in interest payments. In fact, according to the Congressional Budget Office (CBO), the federal government is expected to pay an additional $1.1 trillion in interest over the next decade. Moreover, this year, the costs of interest on the federal deficit will likely surpass the costs of defense as a line item in the federal budget. The CBO also projects the current record federal debt of $26 trillion will grow to $48 trillion by 2034, which would be an alarming 116 percent of the gross domestic product.

Runaway spending like this — with no apparent concern for the mounting burden of debt being placed on future generations of Americans — is not sustainable. With that in mind, it is entirely appropriate for the Florida Legislature to raise the issue of requiring a balanced federal budget, and we commend Sirois, Gregory, Ingoglia and the entire Legislature for advancing HCR 703.

In mid-February, Florida TaxWatch commissioned a statewide poll that asked the following question: Do you support or oppose an amendment to the U.S. Constitution that would require Congress to pass a balanced budget each year?

Unsurprisingly, nearly 71% of those polled answered that they support a balanced federal budget amendment. Additionally, their support is broad-based, with 72% of respondents over the age of 45, and 67% of respondents 45 and younger, in favor of the amendment. Likewise, 69% of white respondents, 71% of Black respondents, and 78% of Hispanic respondents are behind the measure.

It should be noted that Floridians are familiar with the benefits of a balanced budget, as the state constitution requires the Legislature to pass a balanced budget every year, and we have one of the most vibrant economies in the nation. And the Sunshine State’s success proves that requiring government to operate within its means not only works, but it can also lead to a strong economy.

Florida TaxWatch is confident that a balanced budget requirement at the federal level will almost certainly lead to a more resilient and prosperous national economy as well.