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Article: Congress, think before you amend. (balanced budget amendment)(Washington Watch) (Column)
- Article from:
- The Bond Buyer
- Article date:
- May 4, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Think before you leap is sage advice for the bond market before it takes sides in the campaign developing in Congress to pass a constitutional amendment requiring a balanced budget.
Certainly passage of an effective balanced budget amendment should engender lower and relatively stable long-term interest rates beneficial to the bond market and state and local borrowers.
But none of the balanced budget amendment proposals pandering to the outrage over political gridlock has much chance of solving the deficit problem. They could, in fact, cause more harm than good.
The proposals do allow members of Congress a way to tell constituents ...