Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

House Rejects Balanced Budget Amendment

Measure falls short of two-thirds majority thanks to Democratic opposition

By the Associated Press

Posted Nov 18, 2011 2:16 PM CST

(AP) – The House has rejected a proposal to amend the Constitution to require a balanced budget, seen by many as the only way to force lawmakers to hold the fiscal line and reverse the flow of federal red ink. The 261-165 vote was 23 short of the two-thirds majority needed to advance a constitutional amendment. Democrats, swayed by the arguments of their leaders that a balanced budget requirement would force Congress to make devastating cuts to social programs, overwhelmingly voted against it. Four Republicans also voted against it.

Even if it had passed the House, the proposal had little chance of clearing the many political hurdles needed for enactment; constitutional amendments must get two-thirds majorities in both houses and be ratified by three-fourths of the states. But the vote gives both parties ammunition going into next year's elections. Republicans can say they were trying to put America's fiscal house in order, while Democrats can say they were defending the social programs.

Rep. Nan Hayworth, R-N.Y., flanked by other freshmen House Republicans, shows a photo of her children during a news conference discussing a balanced budget amendment, Nov. 17, 2011.
Rep. Nan Hayworth, R-N.Y., flanked by other freshmen House Republicans, shows a photo of her children during a news conference discussing a balanced budget amendment, Nov. 17, 2011.   (Harry Hamburg)
Members of the House Republican freshman class, led by class President Austin Scott., center, give a news conference, Nov. 17, 2011, to discuss a balanced budget amendment.
Members of the House Republican freshman class, led by class President Austin Scott., center, give a news conference, Nov. 17, 2011, to discuss a balanced budget amendment.   (Harry Hamburg)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
7%
3%
28%
46%
4%
13%
To report an error on this story, notify our editors.
COMMENTS
Showing 3 of 53 comments
Deleted
Nov 19, 2011 7:52 AM CST
Many of you in the "gee, government can solve anything" crowd have no clue what is coming.  Forget our own rapidly growing debt for a moment.  Europe's big banks are a total house of cards.  Most of their assets are bad government debt.  They are already bankrupt, but are allowed to operate because Europe's governments are too scared to do anything else.  Why should we care?  Because U.S. money market funds have invested over 1/3 of your money in those banks, and that is not the only U.S. money sitting in European banks. There are a couple of possible outcomes.  1) European banks start to fail, and the losses waterfall (not trickle) back to the U.S. driving us into a financial crisis far worse than 2008.  2) Helicopter Ben prints trillions of dollars to buy bad assets from the European banks, thus bailing out Europe.  As a result, the dollar becomes monopoly money insuring a reduced standard of living in the U.S. for decades to come.    Meanwhile, while the biggest financial crisis in U.S. history is staring us in the face, Peace Prize Obama is on another teleprompter trip doing things as stupid as putting U.S. troops in Australia, spending more money we don't have while Congress can't find $1.5 trillion to cut in a 10-year $45 trillion budget. Sleeping in parks is about to become far more widespread than just OWS.
Barack_Must_Go
Nov 19, 2011 5:53 AM CST
*
Lewdac
Nov 18, 2011 6:56 PM CST
Every time I read the title I see HOUSE REJECTS: Balanced Budget Amendment

Copyright 2013 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

 

NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   BuzzFeed   |   Cracked   |   World History Project   |   POPSUGAR Tech   |   Business Insider   |   HuffPost Entertainment   |   NewsOne