Posted by | July 24, 2011 08:58 | Filed under: Top Stories

Submitted by Karthiks

If our founding fathers wanted a balanced budget they would have put it in the Constitution in the first place. There’s a reason why they didn’t.

The Constitution did not omit limits on taxes and borrowing because of an oversight. Under the Articles of Confederation, the federal government had been paralyzed because of its inability to raise revenue, and one of the chief purposes of the Constitution was to give the government the fiscal powers it had previously been denied. During the ratification debate, those fiscal powers were at the heart of the Anti-Federalist case against the Constitution—to which [Alexander] Hamilton responded, in “Federalist No. 30,” that limiting those powers would be unwise because there was no telling what demands the government might face in the future.

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