Charles Djou on Budget & Economy

Runaway federal spending threatens our economy & job growth

The federal government is spending too much money on programs that do too little for the American people. Washington's intervention in our economy has spiraled out of control.

With our debt soaring past $14 trillion, we must plan where we're going and how much it will cost us to get there. We need bipartisan support to bring spending under control.

Balanced Budget Amendment with 3/5 vote to override.

Constitutional Amendment to prohibit outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

• Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
• Directs the President to submit a balanced budget to Congress annually.
• Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
• Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
• Amendment to the Constitution shall be valid when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification

Truth in Spending: show actual costs vs. planned costs.

To increase the long-term fiscal accountability of direct spending legislation: Report Regarding Difference Between Actual and Estimated Costs of Direct Spending Legislation.
• Initial Five-Year Report- Not later than January 15 of calendar year 2011 and each subsequent calendar year, the Director of the OMB shall submit to the President for inclusion in his annual budget, a report setting forth the following:
• For all Acts affecting direct spending, the total cost as estimated for the budget year and four outyears, and the actual total cost for those years.
• If the actual total cost of all such Acts exceeds the estimated total cost, then propose legislative language to eliminate such excess cost.
• If the actual total cost of all such Acts exceeds the estimated total cost, then a detailed statement of the most likely reasons why that occurred.