THE CASE FOR A BALANCED BUDGET AMENDMENT TO THE UN

During the four fiscal years in which Jimmy Carter was president (fiscal years 19771980), the federal budget deficits totaled $226.8 billion (Council of Economic Advisers, 1991). This cumulative Carter Administration deficit followed a cumulative deficit of $144.1 billion in the 19731976 fiscal year period of the Nixon/Ford presidency. The cumulative four year deficit increased $82.7 billion, or 57.4 percent, from Nixon/Ford to Carter, in terms of current dollars.

Under President Reagan, the cumulative budget deficit in the Administration's first term (fiscal years 19811984) was $599.9 billion (Council of Economic Advisers, 1986). The cumulative four year deficit increased $373.1 billion, or 164.5 percent, from Carter to Reagan, in terms of current dollars. The deficit for the second term of the Reagan Administration was $776.2 billiona 28 percent increase over the first term, and a 242.2 percent over the cumulative Carter Administration deficit which, during the 1980 election, was decried by candidate Reagan as being irresponsible, and severely damaging to the economy. During the first three years of the Bush Administration, the budget deficit has continued to climb.

Federal budget deficits did not originate with Nixon, Ford, Carter, Reagan, or Bush. The last federal budget surplus occurred in fiscal 1969, and that is the only one which has been recorded in the past 30years (Coun

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imposition of mandatory acrosstheboard cuts in both domestic and military spending, if Congress and the President fail to agree on a budget which will meet the goals of the law. Such an eventuality occurred in 1989. Four crucial concepts are incorporated into the GrammRudmanHollings law (Aaron, et al, 1990). These four concepts are as follows: 1. Budget deficits will be reduced through spending cuts, as opposed to either (a) increased taxes, or (b) a combination of increased taxes and spending cuts. 2. Specifically designated (in the law) highpriority programs will either (a) be exempt from spending cuts, or (b) will receive favorable consideration with respect to such cuts. The programs which will be exempt from spending cuts will be social security and some of the programs providing assistance for the poor, the unemployed, and veterans. Those programs which will receive special consideration are some medical programs, student loans, and federal employee pensions. 3. The great majority of required budget cuts (that remaining following the minimal cuts permitted in some medical programs, student loans, and federal employee pensions) must be divided equally between (1) unprotected domestic programs, and (2) def
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Approximate Word count = 1545
Approximate Pages = 6 (250 words per page)