Montana should call on DC to fix federal debt
The United States cannot continue its current economic trajectory; it’s as simple as that. We are more than $36 trillion in debt and on track to hit $55 trillion by 2034.
Our country has to pay more than a trillion dollars annually – nearly half of federal individual income tax revenue – just to cover the interest on our debt. In short, our spending is out of control and the value of our dollar is being ruined.
As state-level lawmakers, it might not seem like there’s much we can do to address our federal government’s out-of-control spending and fiscal irresponsibility, but in fact, there are a couple steps we can take. This legislative session, we are proposing two different ways to begin to tackle this country’s unsustainable debt problem.
The first measure is joint resolution SJ 9, which is backed by more than three dozen Republican legislators. The resolution calls on the U.S. Congress to take immediate and decisive action to create disciplined fiscal rules.
There is a variety of ways for Congress to correct our fiscal problems, including the passage of a balanced budget amendment to the U.S. Constitution or a return to a gold-backed dollar.
The resolution would be sent to Montana’s Congressional Delegation and others to prompt action on the federal level. However, given Washington’s track record, it would be unsurprising if they failed to act.
That’s why we’re also considering joint resolution, SJ 4, which calls for a convention of the states to consider a constitutional amendment requiring a balanced budget. If two-thirds of state legislatures apply for such a convention, then Congress must make the call for the convention of states to meet to propose the amendment. Three-fourths of the states would then need to agree to ratify any proposed amendment.
The states have the right, and the responsibility, to call for a convention under Article V of the U.S. Constitution if our federal officials are unable or unwilling to fix such an existential problem. The convention would only allow changes related to a balanced budget amendment.
We cannot wait much longer to address our fiscal hole. This problem will not resolve itself. It will only get worse, potentially to the point where there is no remedy.
Our resolutions this session are first steps to taking action before it’s too late. The future of this country for our children and grandchildren is at stake. If you support fiscal restraint, then reach out to your legislators and encourage them to back these measures.
The U.S. Constitution is a phenomenal document that was wise enough to give state legislatures the power to spark change on the national level. Help us help this country turn its debt problem around and return to the path of prosperity.
Senator Tom McGillvray, R-Billings, is the Montana Senate Majority Leader. Senator Mark Noland, R-Bigfork, chairs the Senate’s Business and Labor Committee.