With the deadline for raising the debt ceiling looming less than a month away, there are mixed feelings about raising the debt ceiling among debt-conscious politicians who are hesitant to give more spending power to the government. The Treasury Department has given August 2 as the estimated date on which the U.S. will no longer be able to meet fiscal obligations if the debt ceiling is not raised, though.
Sen. Rand Paul explained on Sunday that Republicans would be more in favor of raising the debt ceiling if there were a balanced budget amendment in the Constitution to obligate the federal government to balance its budget each year and prohibit it from running a deficit.
Check out a video of Paul's remarks after the break, and let us know what you think in the comments.
From C-SPAN's 'Newsmakers,'
(video via the Blaze)
As Paul explains,
“[W]e will actually vote in favor of raising the debt ceiling next week if we can, but it will be contingent on passing a balanced budget amendment to the Constitution,” he said, adding, “I’m not completely without the sense that we may need to raise the debt ceiling. But I will only do it if we have significant budgetary reform, and to me that means you have to balance your budget every year.”
The process of actually passing an amendment is a burdensome one, however, requiring a two-thirds vote in Congress and ratification by three-fourths of the states. This also calls into question the feasibility of passing a balanced budget amendment any time in the near future.
What are your thoughts on raising the debt ceiling on the condition of a balanced budget amendment?