Regardless of who is in the White House or what the composition of the Legislative branch looks like, one thing we can all agree on is that national deficit spending is out of control. A recent report from the Associated Press points out that the current national budget deficit is up by 11.8% just in the first quarter of 2020. the Treasury department announced in it’s monthly budget report that from October to December the deficit rose from $318.9 billion to $356.6 billion. Both government spending and revenue set new records in the first three months of the budgetary year but spending outpaced tax collections, further driving deficit increases. Read more HERE.
Examples like this of runaway government spending are just one of the many reasons why the New Mexico Business Coalition supports a Convention of States to reduce and define the federal government’s control. A Convention of States under Article V of the United States Constitution, could impose fiscal restraints on the federal government. Under a Convention of States the citizens could mandate that the federal government operate with a balanced budget, just like states are required to do and just like individuals have to if they are to grow and thrive. Read more HERE.