News Releases

Wednesday, February 4, 2015

Isakson Fights for Fiscal Discipline

Co-sponsors 'Balanced Budget Amendment' to address fiscal crisis

WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., again today co-sponsored legislation to bring much-needed fiscal discipline to Washington.

Isakson joined 54 Republican Senate colleagues, including Sen. David Perdue, R-Ga., in introducing a Balanced Budget Amendment to the Constitution to rein in government spending and rduce the nation’s debt.

“Just this week, the president submitted a budget that includes $8.5 trillion in additional debt over the next 10 years,” said Isakson. “The federal government will not stop mortgaging away our children’s futures until they are forced to do so. America’s families and the middle class must manage their budgets, and states such as Georgia balance their budgets. Washington should do the same. There is no excuse for this kind of reckless spending year after year.”

Specifically, the legislation includes the following requirements:

  • Requirement to Balance the Budget. With limited exceptions, the federal budget must be balanced.
  • Presidential Requirement to Submit a Balanced Budget. Prior to each fiscal year, the President must submit to Congress a balanced budget that limits outlays to 18 percent of GDP.
  • 18 Percent Spending Cap. With limited exceptions, Congress must limit outlays to 18 percent of GDP.
  • Supermajority for Tax Increases. Establishes a new supermajority requirement for net tax and rate increases.
  • Supermajority to Raise the Debt Limit. Establishes new supermajority requirement for an increase in the debt limit.

Isakson has co-sponsored constitutional amendments to balance the federal budget 10 times, and he also has supported several measures over the years to curb federal spending, reform the budgeting process and increase oversight of federal spending.

Isakson is committed to working to pass legislation to curb federal spending and to demand more accountability from programs that receive federal dollars. On Jan. 13, 2015, he again introduced his bipartisan biennial budgeting legislation to reform the federal budget process by converting it from an annual spending process to a two-year cycle, with one year for appropriating federal dollars and the other year devoted to oversight of federal programs.