H.J.Res. 21 (104th): Proposing an amendment to the Constitution of the United States to provide for budgetary reform by requiring the reduction of the deficit, a balanced Federal budget, and the repayment of the national debt.

Introduced:
Jan 04, 1995 (104th Congress, 1995–1996)
Sponsor:
Rep. Wayne Allard [R-CO4]
Status:
Died (Referred to Committee)

The resolution’s title was written by the resolution’s sponsor. H.J.Res. stands for House joint resolution.

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Status

This resolution was introduced on January 4, 1995, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 04, 1995
Cosponsors
none
Committees

House Judiciary

The committee chair determines whether a resolution will move past the committee stage.

Summary

No summaries available.

Text

Read Resolution Text »

Last updated Jan 04, 1995.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/4/1995--Introduced.
Constitutional Amendment - Directs the President, beginning with FY 1997 or the first fiscal year after ratification, whichever is later, to submit a budget of revenues and outlays to Congress. Requires the Congress to adopt a budget that reduces the deficit existing the year prior to ratification by not less than 16.7 percent per year in order to balance the budget within six fiscal years. Requires a balanced budget by the seventh year after ratification. Requires, beginning with the seventh year, that revenues exceed outlays in order to provide for the reduction of the outstanding gross Federal debt. Requires the reduction to amortize the debt over the next 24 years in order to repay the entire debt by the end of the 30th year after ratification. Allows the waiver of aforementioned requirements when a declaration of war is in effect. Prohibits a bill that increases revenues from becoming law unless approved by a majority roll call vote in both Houses. Directs the Congress to review revenues on a quarterly basis and make adjustments to comply with this Act.

House Republican Conference Summary

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