As the November 5th election approaches, the spotlight has shifted beyond the presidential race, shining a bright light on the equally significant contests that will determine the balance of power in Congress. This legislative body, endowed with the authority to levy taxes, allocate funds, and oversee the nation's financial well-being, holds the key to shaping America's economic trajectory for years to come.

Empowering the People's Purse: Congress and the Public Coffers

The Constitutional Mandate: Guarding the Public Treasure

The Constitution grants Congress the power to "lay and collect taxes, duties, imposts and excises" and to "pay the debts and provide for the common defense and general welfare of the United States." This provision, as eloquently explained by Supreme Court Justice Joseph Story in his Commentaries on the Constitution, serves as a vital check on executive authority, ensuring that the public's resources are applied with "unshrinking honesty" to legitimate national priorities.

The Balanced Budget Amendment: A Missed Opportunity?

In the 1990s, Congress made a concerted effort to rein in the growing national debt, with Republicans leading the charge for a Balanced Budget Amendment. The proposed amendment, which garnered bipartisan support, sought to legally mandate a balanced federal budget and limit the public debt. However, the amendment ultimately fell short of the necessary votes in the Senate, paving the way for a staggering increase in the national debt over the subsequent decades.

The Debt Burden: A Generational Albatross

As of October 2024, the national debt has surpassed $35 trillion, a more than sevenfold increase in less than 30 years. This astronomical figure translates to a debt burden of approximately $489,286 for each American under the age of 18, a sobering reality that will undoubtedly shape the economic landscape for generations to come.

Pandemic-Fueled Spending: Unsustainable Trajectories

The COVID-19 pandemic has further exacerbated the fiscal challenges facing the nation. Under the Biden-Harris administration, federal spending has skyrocketed, with a 51.8% increase in outlays between the pre-pandemic fiscal year of 2019 and the current fiscal year of 2024. This surge in spending, coupled with a widening deficit, has raised alarm bells about the long-term sustainability of the nation's financial footing.

The Congressional Budget Office's Forecast: A Looming Fiscal Cliff

The Congressional Budget Office's latest projections paint a concerning picture for the decade ahead. The agency estimates that if current laws remain unchanged, the cumulative deficit for the 2025-2034 period will reach a staggering $22.1 trillion. This sobering forecast underscores the urgent need for Congress to take decisive action to rein in the nation's fiscal trajectory and safeguard the financial well-being of future generations.As the electorate prepares to cast their ballots, the importance of Congress's role in shaping the nation's financial future cannot be overstated. The decisions made by this legislative body will have far-reaching consequences, determining the burden that will be shouldered by American families and the economic opportunities available to the next generation. The time has come for a Congress that is willing to confront the fiscal challenges head-on and chart a sustainable path forward for the United States.