H.J.Res. 53 (104th): Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government.

104th Congress, 1995–1996. Text as of Jan 11, 1995 (Introduced).

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HJ 53 IH

104th CONGRESS

1st Session

H. J. RES. 53

Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 11, 1995

Mr. THORNTON (for himself, Mr. FIELDS of Louisiana, Mr. OLVER, and Mr. WISE) introduced the following joint resolution; which was referred to the Committee on the Judiciary


JOINT RESOLUTION

Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government.

    Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within 7 years after the date of its submission for ratification:

‘Article --

    ‘SECTION 1. Total outlays of the operating fund of the United States for any fiscal year shall not exceed total receipts to those funds for that fiscal year plus any operating fund balances carried over from previous fiscal years.

    ‘SECTION 2. The Congress may waive the provisions of this article for any fiscal year by a declaration of national urgency by the President that is approved by a majority vote of both Houses of the Congress.

    ‘SECTION 3. Not later than the first Monday in February in each calendar year, the President shall transmit to the Congress a proposed budget for the United States Government for the fiscal year beginning in that calendar year in which the total outlays of the operating funds of the United States for that fiscal year shall not exceed total receipts to those funds for that fiscal year.

    ‘SECTION 4. Total receipts of the operating funds shall exclude those derived from net borrowing. Total outlays of the operating funds of the United States shall exclude those for repayment of debt principal and for capital and developmental investments that provide demonstrable long-term economic returns but shall include an annual debt servicing charge. The receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund together with outlays for benefits earned by veterans of military service shall not be counted as receipts or outlays for purposes of this article.

    ‘SECTION 5. This article shall be implemented and enforced only in accordance with appropriate legislation enacted by Congress, which may rely on estimates of outlays and receipts.

    ‘SECTION 6. This section and section 5 of this article shall take effect upon ratification. All other sections of this article shall take effect beginning with fiscal year 2001 or the second fiscal year beginning after its ratification, whichever is later.’.