Maine U.S. Senator Olympia Snowe and South Carolina U.S. Senator Jim DeMint are calling for a Constitutional amendment as talks over raising the nation’s debt limit are set to take place at the White House.
Writing in the Wall Street Journal, both Ms. Snowe and Mr. DeMint called on Congress to pass an amendment as an August 2 deadline quickly approaches.
“If Congress increases our national debt ceiling next month without permanent, structural budget reforms, we will signal to taxpayers and bond markets alike that Washington is still in denial,” they write.
“Whatever agreement is reached, everyone will know that future Congresses are not obligated to follow it. As a result, the only way to compel lawmakers to maintain their responsibility forever is a balanced budget amendment to the Constitution.”
The statement comes as President Obama is set to meet with Congressional lawmakers on Thursday. The White House announced Mr. Obama is considering a proposal that would amount to nearly $4 trillion spending cuts, including spending reductions in Medicare and Medicaid.
“We need to look at entitlements, and we have to say, how do we protect and preserve Medicare and Social Security for not just this generation but also future generations. And that’s going to require some modifications, even as we maintain its basic structure,” Mr. Obama said during a Twitter town hall event on Wednesday.
The White House meeting comes as House Majority Leader Eric Cantor said late Wednesday that Republicans may support a proposal aimed to eliminating tax loopholes for major corporations. The Virginia Republican, however, noted that Republicans will not support increasing taxes, saying such proposals would be a non-starter.
“If there is a proposal to increase revenues outside of the potential we can increase them for more economic growth, I’m not for that,” Mr. Cantor said.
