The federal government should act now in practicing fiscal responsibility, according to State Sen. Jim Tracy, who filed a resolution in the Tennessee State Senate urging Congress to immediately adopt a balanced budget.
Forty-nine states, including Tennessee, maintain balanced budgets through a constitutional requirement or by state statute.
“The clock is ticking for Congress and the President to do the right thing and reign in out-of-control spending,” Tracy said. “We need fiscal sanity. The people are tired of the federal government mortgaging our children’s and grandchildren’s future and of the budget accounting gimmicks coming out of Washington. It is critical that the federal government acts immediately to balance its checkbook in a responsible manner.”
Tracy said Tennessee has worked diligently to manage state finances in a fiscally responsible manner. The current 2012-2013 budget spent $1 billion less than the previous budget year, while incorporating $50 million in tax cuts for Tennesseans.
“There is no doubt that the federal debt presents a clear and present danger to our national security,” added Tracy. “The reckless handling of this nation’s finances jeopardizes our ability to have a strong voice on the world stage.
“Just as citizens across this nation have managed in tough economic times, Washington must tighten its belt and live within its means,” he concluded.
The State Senate will consider the resolution when they return to Nashville for the first full week of the regular 2013 session on Jan. 28.