Costa Votes for Balanced Budget Amendment

Washington, D.C. – Congressman Jim Costa voted Friday in support of a bipartisan amendment to the U.S. Constitution requiring the federal government to maintain a balanced budget. Costa is a co-sponsor of the Balanced Budget Amendment and spoke on the House floor to make the case for getting our nation's fiscal house in order.

"For far too long, Washington has ignored the fiscal health of our nation," said Costa. "This week bipartisan calls to restore sanity to federal spending have grown stronger. A Balanced Budget Amendment or the success of the Super Committee alone are not enough to restore our fiscal well-being. But by combining these goals with a bipartisan commitment to shared sacrifice and balancing our budget each year, we can build a sound fiscal future for the next generation."

The Balanced Budget Amendment (House Joint Resolution 2) would require the President to submit a balanced budget proposal to Congress each year and for Congress to adopt a budget in which outlays never exceed revenues.

Although the legislation received a majority of votes in the House, it failed to meet the two-thirds threshold required to pass.

Costa, a member of the fiscally conservative Blue Dog Coalition, has been a long-time advocate for restoring fiscal responsibility and accountability to the federal government. Costa has joined a bipartisan group of more than 100 representatives in urging the Super Committee to make a real down payment on our national debt. The lawmakers urged the Super Committee to go beyond its mandate of $1.2 trillion to find $4 trillion in deficit reduction through examining all possible options, including spending cuts and revenues.

Costa took to the House floor today to urge passage of the Balanced Budget Amendment and future cooperation between the two parties in order to reach a compromise for the long-term fiscal health of the nation. Click here to see video of the Congressman's floor speech. His remarks as prepared for delivery are below:

Mr. Speaker, I rise in support of the Bipartisan Balanced Budget Amendment. And I want to thank my colleagues, Congressman Goodlatte, and others who have worked on this effort.

I would also like to urge my colleagues that this is the time we need to come together to act on behalf of the better interest of our nation.

Clearly, the majority of the citizens I represent in the San Joaquin Valley agree that Washington needs to get its fiscal house in order.

We all want a balanced budget, but too few are willing to make an agreement that will move us toward that goal.

That's why the passage of the Constitutional Amendment requiring the federal government to live within its means is an important step. But it is only a step.

To balance our budget, members of both parties still have to come together to set priorities. And, yes, make compromises and shared sacrifices to produce fair, balanced budgets each year.

And never has the need been ever so clear.

Our national debt recently surpassed the GDP for the first time since World War II. Each Americans share of the debt is now greater than their average salary.

Congress could have acted sooner, but we haven't and can no longer afford to wait.

The bipartisan passage of this balanced budget amendment is an important and necessary step toward a sound fiscal future.

As a cosponsor, we should pass this measure. But we should also reach a larger agreement with the super committee that is fair and balanced on entitlement reform and revenues.

If we do so, we will begin to restore the confidence of the American public that we can work together to get our economy back on track and create the jobs that all Americans want.