BILL HAMMONS FOR UNITED STATES SENATE AND COLORADO
BALANCED BUDGET AMENDMENT
(Candidate Bill Hammons Platform Position)
First and foremost I support a Balanced Budget Amendment with provisions made for deficit spending during economic contractions (a good formula would be allowance of deficit spending of 1% of GDP in a quarter for every 1% contraction in GDP the previous quarter).
A more passable (and perhaps more practical) piece of legislation would cut the pay of all Members of Congress as well as the President by 1% for every 1% of the Federal budget the government funds with borrowed money (for example, the Congressional Budget Office projects the deficit in fiscal year 2014 to be approximately 20% of overall Federal spending; the Congress that passed that budget would receive a resulting 20% pay cut after the following election [note the 27th Amendment passed in 1992 prohibits Congressional pay cuts along with pay raises taking effect before a subsequent election has passed]).
To put my money where my mouth is, I pledge to donate in real time the appropriate percentage of my Senatorial salary to appropriate charities during any fiscal year the US Government runs a deficit (e.g., 14% in FY 2015).