“Article V 2.0” in a Nutshell: The Balanced Budget Compact
A policy brief on Compact for America's Balanced Budget Amendment.
The U.S. gross federal debt is approaching $20 trillion. That figure is:
- more than twice what was owed ($8.6 trillion) in
2006, when the then-junior U.S. senator from Illinois,
Barack Obama, opposed lifting the federal
- nearly as big a percentage of the American
economy (103+ percent of Gross Domestic
Product) as during the height of World War II;3
- nearly $160,000 per taxpayer.
And that is just the tip of the iceberg, with unfunded federal liabilities estimated at $205 trillion. The burden is daunting. But what if states could advance and ratify a powerful federal balanced budget amendment in as few as 12 months? That could happen now that the “Compact for a
Balanced Budget” exists between Alaska, Georgia, Mississippi and North Dakota. The Compact establishes a binding commitment to fix the national debt, spanning the nation from the Atlantic to the Pacific. That commitment means business: the Compact advances a uniquely powerful, yet plausible federal Balanced Budget Amendment.