FL H0499

Urges Congress to propose a constitutional amendment requiring the federal budget to be balanced each year.

Cites national debt of over $14.3 trillion (approximately $46,000 per person) and projects a 2011 federal budget deficit of nearly $1.5 trillion, or about 10 percent of GDP.

Notes that federal interest expenses of $414 billion in Fiscal Year 2010 exceed the Department of Homeland Security budget by approximately eight times.

Highlights that foreign entities own approximately 31.5 percent of total federal debt and that credit agencies have downgraded the nation's AAA credit rating due to indebtedness levels.

Directs copies of the memorial be sent to the President, Vice President, Speaker of the House, and all members of the Florida congressional delegation.