State Sen. Joey Fillingane: Budget compact protects children’s future
This past session, I sponsored legislation that encourages Congress to put its fiscal house in order. A companion bill was introduced in the House by Appropriations Chairman Herb Frierson. My own bill was championed on the House floor by Speaker Pro Tempore Greg Snowden. The Mississippi Center for Public Policy also provided technical assistance. Thanks to this legislation, Mississippi became the third state to enter the Compact for a Balanced Budget — a consortia of states seeking to advance and ratify a constitutional amendment that would impose a debt limit on Congress.
In practice, the amendment would provide Congress with a roughly $21 trillion line of credit that could only be increased with the approval of a majority of state legislatures. In good times, Congress would be expected to pay down this line of credit so they’d have a cushion during an economic downturn or national emergency. The amendment would also encourage Congress to balance its budget by eliminating waste and fraud, as opposed to raising taxes or cutting programs important to states like Mississippi.
Unlike the states, the federal government’s capacity to print money and issue debt insulates legislators from making hard spending choices. D.C. politicians make promises and charge the bill to future generations. By forcing Congress to live within its means, the Compact for a Balanced Budget will help safeguard our country from financial disaster. I’m proud of Mississippi lawmakers for passing the compact and doing their part to secure the blessings of liberty and prosperity for future generations.
State Sen. Joey Fillingane, R-Sumrall, represents District 41.