Sam Granato on Budget & Economy

Balanced Budget Amendment leads to irresponsible tax policy

Sam Granato said he opposes amending the US Constitution to adopt California-style rules for the federal budget. "Delayed tax refunds, forced work-reduction furloughs, paying small business vendors with IOUs, court ordered tax increases, downgraded bond ratings, increased interest rates. All of these things have happened in California because of rules that prevent responsible budgeting. This is a future that I do not want to see for the US. We are better than that," Granato said.

Granato's comments come on the heels of Gov. Arnold Schwarzenegger's declaration of a "fiscal state of emergency" in California on Wednesday, a dire situation that was created by the state's inflexible budget laws and ensuing political gridlock. Mike Lee, Granato's GOP opponent, has supported adding similar rules on the federal level by amending the US Constitution.

Granato said he opposes a so-called Balanced Budget Amendment because it will invariably result in draconian cuts that will hurt average Americans.

Source: Campaign press release, "California-style Budget Amendment" Jul 29, 2010

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Page last updated: Nov 27, 2010