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Steve McIntosh Report Blog



Article 1, Sections 7 and 8

It’s my belief that most Americans support sensible federal spending and taxing in theory, though we haven’t seen it in reality. Who is responsible for unbalanced budgets? Many say “the president”.
Sorry.
Let’s look at Article 1, Section 7 of the United States Constitution: “All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other bills”.
Section 8 says: “The Congress shall have the power to lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welfare of the United States”. Congress also has the power “to borrow money on the credit of the United States”.
Of course, any president may suggest spending and revenue, and may veto any measure not to his liking. But clearly, it is up to the House and Senate to raise the money to pay for the budget.
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Our thought for today is from John Adams:
 
“In my many years I have come to a conclusion that one useless man is a shame, two is a law firm, and three or more is a congress.”


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01/22/2013 12:58AM
Article 1, Sections 7 and 8
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