(“!=” means “Does not equal” to programmers :))
Reducing the budget deficit is as simple as changing your budget assumptions (in 2015, GDP will grow %7 instead of 3%)… When 2015 comes and your phony assumptions for 2015 become the phony assumptions for 2020 (By 2020, the GDP will grow 13% a year) and you kick the can down the road.
The version of the “Balanced Budget” amendment being floated proposes *eventually* limiting Federal Government spending to 18% of GDP, unless Congress votes not to. It doesn’t address the spending / revenue imbalance, 18% will become a permanent minimum and don’t forget that government spending is included in GDP.
It’s time for the States to write a tough “No Federal borrowing except for a declared war” Constitutional Amendment with no escape clause that lets Congress just vote to ignore it. What’s going on now is like letting the inmates in a prison decide how the prison will be run.