Is the US Getting Closer to Adding a Fiscal Responsibility Amendment?

Price and the Hon. David M. Walker discussed the latter’s efforts to use Constitutional means to restore fiscal responsibility. He had a major announcement last week, which he discussed on a recent Price of Business show.

Below is the statement he provided about major progress in this effort.

National Federalism Commission Report Announcement Remarks

September 17, 2025

Hon. David M. Walker

I am Dave Walker, the immediate Former Comptroller General of the United States and current Chairman of the Federal Fiscal Sustainability Foundation.

I am pleased to be here on this Constitution Day with House Budget Committee Chairman Jodey Arrington and National Federalism Commission Executive Director Bruce Lee.

I would like to commend the National Federalism Commission for their work in reviewing and counting state applications for a Fiscal Responsibility Amendment to the Constitution. It is the first installment of their current state applications review effort for the House Judiciary Committee.

I would also like to commend the House Judiciary Committee for asking the National Federalism Commission to conduct its review; and, House Budget Committee Chairman Jodey Arrington for sponsoring H. Con. Res. 15 which is intended to assure that the Congress properly discharges its responsibilities under Article V of Constitution.

As Bruce Lee, Executive Director of the National Federalism Commission stated, their review served to confirm what the Federal Fiscal Sustainability Foundation discovered over three years ago. Specifically, there were thirty-nine active applications for a Convention of States to propose a Fiscal Responsibility Amendment in 1979, of which thirty were single subject applications, and nine were Plenary applications, and yet, the Congress failed to act. The National Federalism Commission report also found that there were thirty-six active applications as recently as 2017 and yet the Congress again failed to act.

This is a serious breach of the Congress’ Constitutional duties.

Article V of the Constitution makes it clear that Congress SHALL call a Convention of States when two-thirds of the states (or thirty-four states) file applications for such a convention. This is an express, ministerial, and non-discretionary duty of the Congress under the Constitution. It should happen automatically and not require a vote of the Congress.

Congress has failed to discharge this Constitutional duty for 46 years! Since 1979 the total federal debt has increased from less than $1 trillion to almost $37 trillion and rising rapidly. In addition, the dollar has lost almost 80% of its value during this period of time. This is unacceptable stewardship.

 

The time has come to right this past wrong. On this Constitution Day, I call on the Congress to announce the date and place to convene an Article V Convention of States in an expeditious manner. I also call on the Congress to hold hearings and pass H. Con. Res. 15. to help ensure that this serious omission does not occur again.

Finally, the Congress needs to pass a statutory Fiscal Commission that will engage the American people with the facts, the truth, and the tough choices needed to restore fiscal sanity and sustainability. The Commission should solicit input from the public and make two packages of recommendations for up-or-down votes in Congress. One set of recommendations to restore the solvency and sustainability of Social Security standing alone, and another set of recommendations to reduce debt/GDP to a reasonable and sustainable level over the next 10-15 years.

Thank you again for coming and for your attention to this important matter. We are happy to answer any questions that you may have.