By Raymond H.C.R. No. 23 74R2499 GCH-F CONCURRENT RESOLUTION 1-1 WHEREAS, The President and Congress of the United States have 1-2 the ability to propose and adopt a balanced budget for the 1-3 operations of the federal government but have done so only once in 1-4 the past 32 years; and 1-5 WHEREAS, The fiscal responsibility and discipline of a 1-6 balanced federal budget are necessary to restore and maintain the 1-7 long-term economic health and prosperity of the nation and to 1-8 prevent the imposition of a crushing economic burden on future 1-9 generations of Americans; and 1-10 WHEREAS, The national debt now exceeds $4 trillion, more than 1-11 3-1/2 times what it was only 12 years ago, and interest payments on 1-12 the national debt will soon become the single greatest government 1-13 expense, surpassing defense and social security; and 1-14 WHEREAS, With a current cost of almost $300 billion per year, 1-15 or about $800 million per day, the continuing, rapid increase in 1-16 interest payments leaves fewer resources available to address the 1-17 numerous serious issues facing this nation, such as drug and crime 1-18 problems, education, health care, employment training, and many 1-19 others; and 1-20 WHEREAS, Interest payments on the national debt serve to 1-21 redistribute income from primarily low-income and middle-income 1-22 taxpayers to the higher-income category of persons, including 1-23 wealthy, overseas investors, who can afford to invest in government 1-24 securities; and 2-1 WHEREAS, Previous efforts and agreements by the president and 2-2 congress to control the federal budget have failed repeatedly, as 2-3 evidenced by the massive deficits of the past 12 years and the 2-4 record deficit of 1994, estimated at almost $500 billion; and 2-5 WHEREAS, Constitutional constraints have worked successfully 2-6 throughout this nation, and states, including Texas, have operated 2-7 within balanced budget requirements despite the increased tendency 2-8 of the federal government to devolve more programs and costs to the 2-9 state level; now, therefore, be it 2-10 RESOLVED, That the 74th Legislature of the State of Texas 2-11 hereby memorialize the Congress of the United States to adopt and 2-12 propose to the states an amendment to the United States 2-13 Constitution that requires the president to propose and the 2-14 congress to enact a balanced budget for the federal government; 2-15 and, be it further 2-16 RESOLVED, That the proposed constitutional amendment be 2-17 similar in content to Senate Joint Resolution 18 of the 1st Session 2-18 of the 102nd Congress, sponsored by Senator Paul Simon and others; 2-19 and, be it further 2-20 RESOLVED, That the Texas secretary of state forward official 2-21 copies of this resolution to the president of the United States, to 2-22 the speaker of the house of representatives and president of the 2-23 senate of the United States Congress, and to all members of the 2-24 Texas delegation to the congress, with the request that this 2-25 resolution be officially entered in the Congressional Record as a 2-26 memorial to the Congress of the United States of America.