Amendment to Limit Borrowing

The purpose of this amendment is to limit the U.S. Treasury from borrowing money from foreign entities except in a National Emergency such as War or National disaster or other extreme situation.  Only Congress must declare the National Emergency by ¾ majorities of both houses of Congress: House of Representatives and Senate.

When Congress spends more money than the treasury takes in then the treasury has to borrow the money via selling notes, bonds, saving bonds, etc... With this amendment, Congress will not only have to raise the debt limit but they will have to convince the citizens to fund it.  Congress will have to prove their case that the expenditures are necessary.  Then citizens will have to purchase Treasury Notes or Savings Bonds to fund the expenditures.

Congress will no longer have free rein with unlimited spending.  They will either have to:

• raise taxes to balance the budget,
• reduce spending to balance the budget, or
• go to the America people with their justification to borrow money and go farther into debt.

Foreigners currently hold $6 trillion of our debt. In some cases our friends hold this debt: Japan holds $1.1 Trillion and UK holds $227 billion. But China holds $1.2 Trillion and Russia holds $86 billion. This puts our government is an awkward position when dealing with other governments. It is difficult to pressure them when we owe them.

These foreign governments hold U.S. dollars that enable them to loan the money to us.  It would be much better to have them spend the money for U.S. goods and services building our economy. 

Limiting our government from borrowing our own dollars from foreigners and having U.S. citizens provide money to our own government via Saving Bonds has multiple benefits which we have stated in other issues but will summarize here again.

• Eliminates other governments from having control over us,
• Reduce pressure of lobbyists on Congress since they can't request tax loopholes,
• Pressures Congress to balance budgets,
• Enables citizens to limit Congress spending via citizens declining to purchase treasury notes, bonds, Saving Bonds, etc…
• Passes our debt to our children instead of to other nations.

See our menu item: Buy Saving Bonds for details.

	AMENDMENT
[1]	The right of the United States government to borrow money shall be limited not to include foreign individuals, entities or governments except in a National Emergency for a period not to exceed one year.
[2]	Only Congress can declare a National Emergency for borrowing by ¾ majorities of both the House of Representatives and Senate.
[3]	Existing loans to foreign entities may continue until paid but cannot be renewed.
[4]	This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by convention in the several States, as provided in the Constitution, within seven years from the date of submission hereof to the States by the Congress.