Augusta, Maine (Thursday, November 17, 2011) Maine Center for Economic Policy (MECEP) Executive Director Garrett Martin today issued the following statement regarding the pending vote in the U.S. House of Representatives on H.J. Res. 2, a proposed balanced budget amendment to the U.S. Constitution.
“Requiring a balanced budget annually, even in times of extreme economic distress, would compel lawmakers either to cut spending, increase taxes or both at times like the present when we most need to spur demand and fuel economic growth. This is counterproductive economic policy that could worsen an already weak recovery and cost millions of jobs. The proposed amendment could also force draconian cuts to Social Security, health care for seniors and children, veteran’s benefits and other critically important programs. MECEP thanks Congressman Mike Michaud and Congresswoman Chellie Pingree for their opposition to this unwise measure.”
