CLAREMORE — U.S. Sen. Jim Inhofe (R-Okla.) today joined every Senate Republican in advocating for a Balanced Budget Amendment that would reign in federal government spending.

“A long time ago, while I served in the Oklahoma State legislature, I received a call from then U.S. Sen. Carl Curtis from Nebraska,” Inhofe said.  “He had been trying to get a Balanced Budget Amendment way back then, but the liberals in Washington wouldn’t go along with it.  So, he was calling me to help him get state legislatures, like Oklahoma, to pre-ratify an amendment.  That was my first involvement with a Balanced Budget Amendment, and I have been fighting for it ever since.”

Experience in the Oklahoma legislature could put Inhofe in a good position on the value — and challenges — of a balanced budget. Oklahoma has one of the toughest balanced budget standards in the nation.

Most state governments already have a balanced budget requirement in the case of state operating budgets, usually the general fund budget. Oklahoma has one of the most explicit balanced budget requirements. The Oklahoma Constitution requires periodic allotment of appropriations be reduced if the fund’s revenues fall short.

According to a 2008 survey by the National Association of State Budget Officers,  44 states require the governor to submit a balanced budget, 41 states require the legislature to pass a balanced budget, and 38 states, including Oklahoma, cannot carry over a deficit.

Most states can, however, borrow for capital expenditures.

The federal government, on the other hand, has a long history of mounting indebtedness.

According to figures available on the U.S. Department of the Treasury’s web site, TreasuryDirect, the first fiscal year for the U.S. government began Jan. 1, 1789. Fiscal year’s start was changed to Jul. 1 in 1842 and then to Oct. 1 in 1977.

During the past decade, U.S. debt which includes legal tender notes as well as gold and silver certificates has increased from $5.6 trillion in 2000 to $13.5 trillion in 2010.

The balanced budget amendment GOP senators are supporting would require that the president transmit a balanced budget to Congress that limits outlays to 18 percent of GDP prior to each fiscal year.

With limited exceptions, Congress would be required to pass a balanced budget.

“Today, our country is in a terrible fiscal situation.  We’re spending money we don’t have while bankrupting our country’s future,” said Inhofe.

While Pres. Bill Clinton made gains in reducing the deficit, even he did not balance the budget. Some say the budget has not been balanced sine 1957 when Eisenhower was president. Others point out that the national debt has not been paid in full since 1835, though figures on the TreasuryDirect website indicate a debt of $33,733, for that year, the lowest recorded on the website.

The conservative senator from Oklahoma holds Obama’s administration responsible for the expanding deficit.

“President Obama and the Democrats want to increase taxes.  Republicans want to have a balanced budget,” said Inhofe.  “That is a clear and simple choice. In the first two years of the Obama administration, he and congressional Democrats ran up deficits of $3 trillion, including the $814 billion stimulus that failed to stimulate.  Our $14 trillion debt is weighing down our economy.  Now is the time to get the Balanced Budget Amendment done.” 

The balanced budget bill does not address where cuts will be made or how it will be balanced without tax increases. There are provisions to protect national defense funding written into the bill, however. Exceptions to a balanced budget would require a two-thirds vote of both Houses for a specific deficit for a fiscal year or a majority of Congress for a fiscal year during a declared war.

It would require three-fifths (60 percent) approval of Congress for a specific deficit for a fiscal year during a military conflict declared to be “an imminent and serious military threat to national security” and the deficit must be limited to “outlays… made necessary by the identified conflict.”

With similar exceptions, Congress would have to limit outlays to 18 percent of GDP, namely two-thirds of both Houses for a specific excess above 18 percent for a fiscal year or a majority of Congress for a specific excess above 18 percent for a fiscal year during a declared war.

The measure would establish a new supermajority requirement for net tax and rate increases requiring two-thirds  of both Houses for any bill “that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue.”

The bill also:

• Excludes increases in revenue resulting from tax cuts.

• Establishes new supermajority requirement for an increase in the debt limit:

• Requires 3/5 of both Houses to increase the debt limit.

• Requires a majority of Congress for a fiscal year during a declared war.

• Provides for congressional enforcement and the use of estimates.

• Prohibits courts from ordering revenue increases to enforce.

If passed, the bill would become effective the fifth fiscal year after ratification.