House Concurrent Resolution No. 3




            WHEREAS, this nation has become deeply in debt as its expenditures have exceeded available revenues; and


            WHEREAS, efforts in Congress to amend the Constitution of the United States to add a balanced budget requirement have not been successful; and


            WHEREAS, attempts to curtail federal spending, confine expenditures to available revenues, and reduce the annual deficit have met with only limited success; and


            WHEREAS, the federal budget fails to reflect actual spending because of the exclusion of special outlays that are neither included in the budget nor subject to the legal public debt limit; and


            WHEREAS, knowledgeable planning requires that the budget reflect all federal spending and that the budget be in balance; and


            WHEREAS, the requirement to balance the budget will promote responsibility at the federal level, provide checks against unnecessary and costly appropriations, and reinforce efforts to bring about fiscal integrity; and


            WHEREAS, the current national debt is over $16.3 trillion, a cost of approximately $52,100 for each man, woman, and child in the United States, and is growing at an alarming rate; and


            WHEREAS, the national debt has continued to increase an average of 3.86 billion per day since September 28, 2007; and


            WHEREAS, for 2012, the Congressional Budget Office projected that, if current laws remain unchanged, the federal budget would show a deficit of $1.1 trillion, or a national deficit equal to 7% of the country's entire economic output, higher than any deficit between 1947 and 2008; and


            WHEREAS, this spending has created national security concerns that the total interest expense on the debt due by the federal government for federal fiscal year 2012 alone, approximately $360 billion, is six times greater than the 2012 fiscal year budget of the Department of Homeland Security of $56.9 billion; and


            WHEREAS, equally as concerning, foreign-owned debt accounted for approximately 33% of the total federal debt as of December 2012, and foreigners are, therefore, in a unique position of authority with respect to the United States; and


            WHEREAS, credit agencies have already downgraded the nation's AAA credit rating due to the size of its indebtedness and these very large federal budget deficits, deficits that could potentially further destabilize government finances and financial markets; and


            WHEREAS, millions of people in this country have made difficult choices discerning between wants and needs and have taken the responsible steps to curb personal spending in these difficult economic times:


            NOW, THEREFORE, BE IT RESOLVED that the members of the House of Representatives of the Ninety-seventh General Assembly, First Regular Session, the Senate concurring therein, hereby respectfully petition the Congress of the United States to propose to the states an amendment to the United States Constitution that requires the federal budget to be balanced each year; and


            BE IT FURTHER RESOLVED that the Chief Clerk of the Missouri House of Representatives be instructed to prepare properly inscribed copies of this resolution for the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, and each member of the Missouri Congressional delegation.