Thomas Jefferson once stated, "I place economics among the first and foremost virtues, and the public debt as the greatest of dangers. To preserve our independence, we must not let the our rulers burden us with perpetual debt" (Bussing-Burks, 7). Many things have changed since Jefferson was president two hundred years ago, but the need to be financially solvent is something that will always be necessary for the United States to maintain its leadership position in the world. The United States of America currently has a debt of $16.7 trillion, primarily due to government spending practices over the past decade. Two wars, several fiscal collapses, a burst housing bubble, looming health care costs stemming from an expanded health care access law, and a recession may be the scapegoats, but the real problem is fiscal irresponsibility on the part of the parties in power (Hiber, 76). One idea that has been discussed not only in Congress, but also on prime-time news networks is the passage of a balanced budget amendment, which would require Congress to balance the country's budget each fiscal year (U.S. Government, 1). A balanced budget amendment could provide an exception for times of war, national emergency, or recession, or allow the legislature to suspend the rule with a supermajority vote (Lee, 2). A balanced budget is critical because budget deficits can only be financed by further increases in the level of national debt, which can place an undue burden on future generations to repay that debt, create annual interest costs that consume an increasing share of revenue taxes and crowd out spending on current programs and result in potential dependence on other countries to make financial ends meet. At the moment… halfway through the document… the country's political leaders recognize that the spiraling level of debt is a problem that is likely to impact future generations. Works Cited Bussing-Burks, Marie. "The National Debt: You Need to Know." American government. ABC-CLIO, 2013. Web. October 21, 2013. Calleo, David P. The Bankruptcy of America: How the Federal Budget is Impoverishing the Nation. New York: W. Morrow, 1992. Print.Fisanick, Christina. Debt. Detroit, MI: Greenhaven, 2010. Print.Hiber, Amanda. The federal budget. Farmington Hills: Greenhaven Press/Gale Cengage Learning, 2010. Print.Lee, Mike. Why a balanced budget amendment is needed to restore constitutional government. Washington, DC: Regnery Pub, 2011. Print.Linfield, Leslie E. Budget: It's Not a 4-Letter Word. Portland, ME: FLA, 2005. Print."Here comes the kidnapping: background." American government. ABC-CLIO, 2013. Web. 10 October. 2013.