Washington, D.C. – Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) released the following statement after the House failed to approve H.J.Res.2 – Proposing a balanced budget amendment to the Constitution of the United States:

“One thing has been clear for years: Washington does not have a revenue problem, it has a spending problem. Raising taxes on hardworking Americans as Democrats are seeking to do is not going to solve our out-of-control debt—a Balanced Budget Amendment, on the other hand, would have been an important first step to addressing our nation’s fiscal nightmare. It’s unfortunate that our Democrat colleagues were not willing to join us in moving this amendment forward. 

“With tax reform, we now have an engine to ignite this economy. In fact, the Congressional Budget Office estimates that the law will create 1.1 million jobs, grow wages by $1.2 trillion, and spur investments of more than $600 billion in the U.S. But even this enhanced growth will not be enough to restrain rapidly rising government spending and associated deficits. Despite this evening’s vote, now is the time for Republicans and Democrats to come to the table, just like any family or business does regularly, and have an honest and productive conversation about our spending. We owe it to our children and grandchildren to take action soon.”