Title: Balancing the Federal Budget

Summary: Urges Congress to take immediate actions to begin reducing the federal debt and to enact legislation requiring a balanced federal budget.

Full Text:
WHEREAS, the debt limit was reset to $28.4 trillion on August 1, 2021, and WHEREAS, on August 2, 2021, the United States Treasu ry announced a "debt issuance suspension period" to authorize it to take extraordinary measures to prevent the United States from defaulting on its obligations, and WHEREAS, on October 8, 2021, the Congressional Budget Office reported that the federal de ficit for fiscal year 2021 alone, which runs from October through September 30, was $2.8 trillion, and WHEREAS, at the rate the debt is increasing annually and if the debt limit is raised, the Committee for a Responsible Federal Budget estimates that the federal debt could reach 21 percent of the gross domestic product by 2031, and WHEREAS, a growing federal debt causes competition for funds in the nation's capital markets, thus raising interest WHEREAS, high and rising federal debt destabilizes the economy making it more vulnerable to rising interest rates and possibly rising inflation, and WHEREAS, in order to ensure the stability of government and business functions, at the local, regional, state, and national levels, it is imperative that the federal government take action to cut costs, reduce the tax burden on American families and businesses, and balance the federal budget, NOW, THEREFORE, Be It Resolved by the Legislature of the State of Florida: That the Congress of the United States is urged to take immediate action to begin reducing the federal debt and to enact legislation requiring a balanced federal budget. BE IT FURTHER RESOLVED that copies of this memorial be dispatched to the President of the United States, to the President of the United States Senate, to the Speaker of the United States House of Representatives, and to each member of the Florida delegation to the United States Congress.