H.J.Res. 36 (106th): Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the ...

...public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

106th Congress, 1999–2000. Text as of Mar 04, 1999 (Introduced).

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HJ 36 IH

106th CONGRESS

1st Session

H. J. RES. 36

Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

IN THE HOUSE OF REPRESENTATIVES

March 4, 1999

Mr. PICKETT introduced the following joint resolution; which was referred to the Committee on the Judiciary


JOINT RESOLUTION

Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

    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 seven years after the date of its submission for ratification:

‘Article--

    ‘SECTION 1. The public debt of the United States shall not in any fiscal year increase by more than one percent of the amount of the public debt outstanding at the beginning of such year unless authorized by a law approved by a majority of the Members elected to each the Senate and House of Representatives, which law shall not take effect until it shall have been submitted to the people at an election and a majority of those voting on the question shall have approved such law.

    ‘SECTION 2. Section 1 shall not apply to public debt contracted--

      ‘(1) to repel invasion of the United States;

      ‘(2) to defend the United States in time of war;

      ‘(3) to support the Armed Forces of the United States in time of war; or

      ‘(4) to redeem a previous debt obligation of the United States.

    ‘SECTION 3. This article shall take effect beginning with the second fiscal year beginning after its ratification.’.