By passing a budget plan that reduced the federal deficit by $500 billion and made long-overdue cuts in federal spending, Congress took an important step toward setting the American economy back on course.

It's already working - newspaper headlines reveal new evidence every day testifying to the economy's growing strength. But this is no time for Congress to stop. Congress can lock in a commitment to fiscal responsibility by passing one critical piece of legislation - the Balanced Budget Amendment.Today's economic upswing is a record-setting testament to the power of fiscal responsibility. Recent studies show that sales of existing homes hit an all-time annual high last year, and sales of existing homes just reached their highest monthly rate since 1978 (with the exception of two months in 1986).

Meanwhile, the number of Americans filing for unemployment has dropped to the lowest level since 1989. With the Commerce Department's Index of Leading Economic Indicators making its fourth straight gain, economists are now certain the economy will continue its comeback through 1994.

But more importantly, Utah is leading the nation's economic resurgence. We're No. 1 in the nation in job growth; Utah businesses created 47,000 new jobs last year. Utah also led the nation in growth of goods and services, while the number of bankruptcies filed here fell last year by 16 percent. With Utah's second-in-the-nation growth in personal income, Utahns are feeling the benefits of the economic upturn in the workplace and in the pocketbook.

Best of all, as a result of this economic resurgence and the $255 billion package of spending cuts passed by Congress last year, the federal deficit is headed in a remarkable direction: down. As federal budgets feel the pinch of tight caps on spending, next year's deficit will drop to $171 billion, 40 percent below the $284 billion shortfall projected before the passage of the deficit reduction package. This will mark the third year in a row that the deficit has declined, the first time that has happened since the days of Harry Truman.

Unfortunately, some entrenched members of Congress seem intent on repeating the mistakes of our past by avoiding the hard decisions, spending more, and cutting less. The Balanced Budget Amendment would make sure that Congress always does the right thing, and sometimes the politically difficult thing, no matter what.

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Critics of the Balanced Budget Amendment - the most vocal being House Democratic leadership and President Clinton - say its passage would jeopardize important programs and limit the federal government's ability to stimulate growth during a recession. But Utah's constitution has required a balanced budget since the state's beginning, and as a rule we have weathered tough economic times with much greater strength than other states. Granted, the Utah budget is a drop in the bucket compared with the federal spending, but our success can be in large part attributed to one fundamental principle: Government simply should not spend more than it takes in each year.

It's worth noting that the Balanced Budget Amendment will not apply only to Congress; the president will be required by law to submit balanced budgets as well. By requiring fiscal responsibility at both ends of Pennsylvania Avenue, we can continue to take aim at the deficit and set our sights on finally reducing the national debt.

A bipartisan group of nearly 260 representatives and I are co-sponsoring the Balanced Budget Amendment, but it will take a monumental effort to achieve the two-thirds majorities in the House and Senate necessary to pass the amendment. With a vote in the Senate approaching as soon as the end of this month, a clear call for change from the American public has never been more important.

Economic indicators, personal income, and job growth are up. Unemployment, interest rates, and the federal deficit are down. This is no time to stop - passing the Balanced Budget Amendment will keep us headed on the right course.

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