The fiscal insanity continues in Washington, D.C., with no signs of slowing down. A new report from the Congressional Budget Office indicates that the U.S. Treasury is set to borrow a record-breaking $1 trillion for a second year in a row to finance the deficit.
The fiscal 2018 U.S. budget gap hit a six-year high of about $780 billion, and the Congressional Budget Office forecasts it will reach $973 billion in 2019 and top $1 trillion the next year. Over the next decade, the U.S. government will spend about $7 trillion just to service the nation’s debt, according to the CBO.
This is nothing short of irresponsible. As former U.S. Senator Tom Coburn pointed out in a recent appearance on Fox Business, every republic in history has failed for one simple reason: money problems. If we don’t act quickly, our country will be doomed to repeat that mistake.
The good news is that the Founders predicted this might happen. They left us an emergency solution in Article V of the Constitution, and it’s time we use it.
Article V allows the states and the people to call a Convention of States for the purpose of proposing amendments to the Constitution. These amendments can force Congress to make the tough financial decisions they’ll never make on their own. They can mandate a balanced budget while prohibiting Congress from raising taxes. They can cap spending and limit the types of things on which Congress can use taxpayer dollars.
The situation is dire, but we have a solution. Not it’s time for the states to rise up and use it. Sign the Convention of States Petition below to help the cause in your state!