Section 2. Any budget passed by the Congress must be funded by actual revenues collected through taxes as described in Section 1. No deficit spending, borrowing on future funds, borrowing from other entities or other mechanism to meet budget requirements will be allowed.

Intent, explanation, discussion:

This will end the decades-old process of passing on the national responsibility of Federal debt to future generations. Currently, Congress can pass legislation obligating future generations to pay into a system that may be ineffective, inefficient and unneeded. If Congress does not have the actual funding to support such a system, they must borrow the money and/or raise taxes, in addition to cutting programs or agencies that are vital, necessary and constitutionally legal.

Condemning future generations - many who may not yet even be born - to submit to a debt and deficit burden is akin to taxation without representation. Anyone party to such irresponsible spending policies are taking an active role in burdening our children, grandchildren and other progeny to a life of servitude where an ever growing percentage of their earning power - which equates directly to a person’s right to life, liberty and the pursuit of happiness - is earmarked for such programs. The impending crisis with Social Security, Medicare and Medicaid are examples of such obligations made decades ago, that now threaten to raise the burden on the individual taxpayer to a level where any other economic decisions - buying a home, investing in a business, saving for children’s education - can no longer be considered by the citizens.

Finally, as the debt grows, and yearly deficits add to the debt, interest is also accruing. Those entities who hold the notes for that debt will be allowed an ever increasing voice and influence in the function of our Republic. Should another country (or even institution) demand payment, call in the debts or otherwise leverage their position, the constitutional protections we enjoy will be at risk.