In an online column for the new site The Daily Caller, Minnesota Gov. Tim Pawlenty Monday wrote about his new push for a federal balanced budget amendment:
By reining in our spending now, we can right our fiscal ship. We can extend freedom and opportunity by making government live within its means. We can safeguard our prospects for long-term, future prosperity that will make this country an even greater place for future generations to grow up, live, work and raise a family than it already is—but we must act.
Balancing the budget will require some tough decisions. Congress must reduce discretionary spending in real terms, with exceptions for key programs such as military, veterans, and public safety. The Congress must also reject costly new spending initiatives, like new health care entitlements.
In the long run, sending different politicians to Washington will not be enough. We need a mechanism in place to enforce balanced budgets, because regardless of which party is in power, they have not done a good job of getting budgets to balance over time. That’s why I’m calling for a Constitutional amendment to require a balanced budget, with exceptions for war, natural disasters, and other emergencies.
He is also urging supporters to sign on to a letter he wrote to members of congress asking them to back his amendment idea. In the letter he uses his new catch phrase, calling the federal spending the "Ponzi Scheme on the Potomac." Read the letter here.