'The best way to grow the American economy and American standing in the world is to stop spending like drunken sailors and send a clear message that, when we do spend and borrow, we will pay our bills.' -Steve Levy
, the better way is for Congress to pass a balanced budget amendment that requires the federal government to balance its ledger annually, the same way every state and municipality in the union must do.
In New York, for example, a tax cap imposed by the state on schools and local governments has had a dramatic impact on lessening the increase in taxes since its inception. Prior to the cap’s enactment, school district taxes on Long Island were increasing at an average annual rate of more than 6%. In the decade after the cap was imposed, the average increase dropped to a mere 2%. This amounted to a remarkable $25 billion in savings for local taxpayers, averaging $7,600 per household.
So here’s the deal: Republicans should agree to automatic extensions of the debt limits if Democrats will simultaneously agree to support a balanced budget amendment that would kick in within the next decade.
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