Budget Amendment Will Aid
Congressman Robert D.
Franks, the only New Jersey member of the House Budget
Committee, said that a Balanced Budget Amendment will
"enable the families of Central New Jersey to enjoy
a higher standard of living."
At a press conference
in Westfield, Congressman Franks said, "I support
the Balanced Budget Amendment because I want families to
enjoy a higher standard of living. I want to see every
child have an opportunity to live out the American
"It is an
undisputed fact that a Balanced Budget Amendment will
lead to lower interest rates, increased economic growth
and more job creation," added Congressman Franks,
whose Seventh District includes Westfield, Scotch Plains
In discussing the
benefits of the Balanced Budget Amendment, Congressman
Franks was joined by Central Jersey bankers, realtors,
small business owners, car dealers and elected officials.
The United States
Senate is expected to begin debating the Balanced Budget
Amendment this week and the House has scheduled a vote
for Wednesday, February 26.
said, "Thirty years of reckless deficit spending
have taken a devastating toll. Washington's deficits have
forced interest rates up, making it more expensive for
every family to purchase a home, finance a new car or pay
for a child's college education."
generation-long pattern of deficit spending, with no
regard to who will pay the bills, is leaving our children
and grandchildren with staggering debts," he said.
"A child born today already has a bill from the
federal government for nearly $200,000. That's a
newborn's share of the interest payment on the $5.1
trillion national debt. That child's bill will get larger
unless we act now to finally end deficit spending."
Congressman Franks also
stressed the importance of placing the Social Security
Trust Fund under the protection of the Balanced Budget
Amendment, saying, "It is the best protection we can
provide today's seniors and those approaching retirement