(Washington, D.C.)  Congresswoman Cathy McMorris (WA-05) joined 122 Members of Congress in a bipartisan effort designed to keep a tight reign on government spending. McMorris today co-sponsored the Balanced Budget Amendment (H.J.Res.58) that would make it unconstitutional to run a deficit, except in the time of war or by a three-fifths vote of Congress.

“One of my top priorities is to strengthen our economy and we need to restore fiscal discipline to Washington D.C.,” said McMorris. “The federal government should use tax dollars wisely and we need to make tough budget decisions so our child and grandchildren inherit freedom and security, not an enormous national debt.”

The text is identical to the Balanced Budget Amendment to the Constitution approved by the House of Representatives in 1995, as part of the “Contract with America,” but which failed twice in the U.S. Senate by a single vote. The current deficit is an enormous drain on the American economy. The passage of such an amendment would free up billions of dollars the federal government pays each year in interest payments. This money could be used to reinvest in the economy via job creation and lowering taxes. The amendment does make an exception for deficit spending in times of national emergency.

A Constitutional amendment requires a two-thirds majority of both Houses of Congress and ratification by three-fourths of the states. If passed, the measure would take effect in the first fiscal year beginning after December 31, 2010 or two years after ratification by the states, whichever is later.