Perspective detail: How to Run Our Government Without Piling Up Too Much Debt

Perspective 2: Limit Deficit Spending to Responding to Dire Emergencies Only

We can’t be too rigid: The government should certainly have the power to borrow to deal with serious emergencies, such as natural disasters, terrorist attacks and wars. But emergencies aside, we should have a balanced budget. Moreover, we should put mechanisms in place that make it hard for politicians to call anything they want an emergency and fall back into old habits of deficit spending.


Therefore, we should:

  • Create a “rainy day fund” for modest emergency spending needs so we only have to borrow for major emergencies.
  • Require a two-thirds “supermajority” vote in Congress to borrow money for major emergencies that the rainy-day fund can’t handle.
  • Institute serious “sunset provisions” so that any emergency borrowing that occurs has to be renewed regularly and transparently, also by a “supermajority” vote.

Pros and Cons for this Perspective
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