exaggeration, it would put an end to social security and medicare as we know them today. 6 this week aaron maskin, robertsolo and allen blender, each nobel laureates in economics, and other renowned economists sent an open letter to president obama and the congress in strong opposition to a constitutional balanced budget amendment. and these economists stated that a balanced budget requirement to the constitution would be a very unsound policy that would adversely affect the economy. they believe adding arbitrary caps on federal expenditures would make the balanced budget amendment even more problematic, and a balanced budget amendment would mandate per veers actions in the face of recessions. by requiring large budget cuts when the economy is weakest, the amendment would actually aggravate recessions. mr. president, -- madam president, in the 27 years that i have been privileged to serve here, we have already debated this several times. and we have voted on it. as i have said in the past, the most compelling argument against this amendment doesn't come from me or from anybody on the floor. it actually c