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As U.S. Federal Debt Breaks $12 Trillion, Group Launches Drive for Balanced Budget Amendment

With the United States Federal debt rising above $12 trillion this week, and the U.S. Treasury auctioning off a record-setting $81 billion in debt this week alone, a nationwide grassroots group has launched its efforts for the enactment of a Balanced Budget Constitutional Amendment, (BBA). The new non-partisan organization, Deficit Free, is calling for Congress to refer to the states a Balanced Budget Amendment by July 4, 2013 and to balance the Federal budget by July 4, 2016 - the approximate time when Social Security falls into permanent deficit.

Tim Mooney, National Coordinator of Deficit Free said, "The national debt ($12 trillion) and the annual deficit ($1 trillion) has our economy on the brink of financial collapse. When Social Security moves from surplus to permanent deficit (2016), if our budget is not balanced, we are finished. We are calling for a balanced budget by July 4, 2013, and a balanced budget by July 4, 2016. This would be the best two birthday presents we could give to our country, and ourselves."

As evidence of impending financial threats caused by the Federal debt and deficit, Deficit Free points to the falling U.S. dollar, record-high gold prices, along with India's growing exchange of their foreign currency reserves into gold reserves, and China's recent discussions about limiting its purchasing of U.S. treasuries, fearing the U.S.'s inability to pay its debt.

Datum: 11 November 2009
Bron: Press release Deficit Free

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