BALANCED BUDGET AMENDMENT


Rand Paul M.D.U.S. Senator
[R] Kentucky, United States

Length: 1 minute, 18 seconds


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Mr. PAUL. From that same article, it is interesting that he talks about what happens if interest rates rise. For every point of an interest rate rising, it adds $140 billion. So he talks about getting back to the historic average of 5.4 percent, that over 10 years it would add $4.9 trillion to our debt problem. But here is the rub. We are having discussions where people are saying we are going to cut $2.5 trillion over 10 years. Senator Hatch points out we cannot bind future Congresses.

Senator Lee said the same thing. So when they promise us that they are going to cut $2.5 trillion, compare that to what happens if interest rates rise. One, we [Page: S4170] can't bind future Congresses, but if interest rates rise, all of a sudden we have $5 trillion in extra expenses.

We must bind future Congresses and we must bind ourselves by amending the Constitution.

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