South Dakota House Joint Resolution 1001 asks Congress to call a constitutional convention for a federal balanced budget amendment. It would make it unconstitutional for the federal government to run annual budget deficits. The House passed the resolution earlier this session, but it fell one vote short of passage in the Senate last week. A second vote is expected today.
Supporters say the amendment would reign in fiscally irresponsible behavior. Opponents say it could limit the government’s ability to respond to national emergencies.
Former Houston Mayor Bill White takes a historical view of the nation’s debt crisis in his recent book, America’s Fiscal Constitution: Its Triumph and Collapse. White is senior advisor at Lazard, a firm advising corporate leaders and governments worldwide. He also served as the Deputy Secretary of Energy of the United States in the Clinton administration.
White joined Dakota Midday and discussed the current debt crisis and the history of the balance budget amendment.