An Oklahoma state senator wants to attach a debt-control amendment to the U.S. constitution but admits that the odds are against him.
State Sen. Rob Standridge has filed a joint resolution for the 2015 Oklahoma legislative session that calls for a national convention to amend the Constitution.
In order for a national convention to be called, more than two-thirds of the 50 states have to agree to it. It takes more than three-fourths of the states to pass a proposed constitutional amendment.
The Republican lawmaker acknowledges that it would be difficult to get 34 states to agree to a convention but thinks it's worth a try.
Standridge tells The Tulsa World that he believes it would be beneficial to have "something in place" that gives the federal government guidance on debt.
According to the website, Decoded Science,
As a result, the opportunity to pass a balanced budget amendment has been resurrected. Already, cries for a balanced budget are reverberating throughout the Beltway. “We must produce a budget that achieves balance within 10 years,” said Alabama Senator Jeff Sessions. That being said, getting it done won’t be simple. According to The Committee for a Responsible Federal Budget, $5.5 trillion in savings and/or new taxes would have to happen in order to balance the budget by 2025, and that assumes no further tax cuts or spending bills pass that negatively impact the budget. Cuts of that magnitude could tip the country into a recession, which would further reduce tax revenues and increase deficits.
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