H.R. 2685 (112th): Restoring America’s Dignity Act of 2011

112th Congress, 2011–2013. Text as of Jul 28, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2685

IN THE HOUSE OF REPRESENTATIVES

July 28, 2011

(for himself and Mr. Bachus) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To increase the statutory limit on the public debt by $750,000,000,000 upon the adoption by Congress of a balanced budget constitutional amendment and by an additional $750,000,000,000 upon ratification by the States of that amendment.

1.

Short title

This Act may be cited as the Restoring America’s Dignity Act of 2011.

2.

Increase in the statutory limit on the public debt

(a)

Adoption

Effective upon the adoption by the Congress of a balanced budget constitutional amendment as described in section 3, the statutory limit on the public debt set forth in section 3101(b) of title 31, United States Code, is increased by $750,000,000,000.

(b)

Ratification

Effective upon the ratification by the States of a balanced budget constitutional amendment as described in section 3, the statutory limit on the public debt set forth in section 3101(b) of title 31, United States Code, is increased by an additional $750,000,000,000.

3.

Required provisions of a balanced budget constitutional amendment

The balanced budget constitutional amendment that is referenced in section 2 shall include the following provisions:

(1)

Total outlays of the United States for any fiscal year shall not exceed total receipts for that fiscal year. Total receipts shall include all receipts of the United States except those derived from borrowing. Total outlays shall include all outlays of the United States except those for repayment of debt principal. The United States shall have no fiscal year deficits.

(2)

The limitations imposed by the amendment may be suspended by a majority of the membership of both houses of Congress, by rollcall vote, for any fiscal year in which the United States is in a war declared by Congress pursuant to article I, section 8, or may be suspended by three-fourths of the membership of Congress, by rollcall vote, for any other fiscal year.

(3)

Any bill that increases net gross tax receipts of the United States by levying a new tax or revenue source, or increasing the rate of any existing tax or revenue source, or by amending the terms of one or more then-existing taxes or revenue sources, shall not become law unless approved by three-fifths of the membership of each House of Congress by a rollcall vote.

(4)

The Congress shall enforce and implement the amendment by appropriate legislation, which may rely on estimates of outlays and receipts.

(5)

In any fiscal year in which Congress does not suspend the amendment pursuant to its terms and the President determines that total budgeted outlays will exceed total receipts, the President shall take such steps as the President in his discretion deems are necessary to ensure total outlays for that fiscal year do not exceed total receipts. Notwithstanding the foregoing, the President may not order any increase in tax or other revenue to enforce the amendment. A President’s intentional noncompliance with this provision is an impeachable offense.

(6)

Any Member of Congress and any Governor or Attorney General of any State shall have standing and a cause of action to seek judicial enforcement of the amendment. No court of the United States or of any State may order any increase in tax or other revenue to enforce this article.

(7)
(A)

The amendment shall be effective after ratification by the legislatures of three-fourths of the several States and shall be phased in beginning with the first fiscal year commencing six or more months after ratification.

(B)

Within three months after ratification, Congress shall determine, or cause to be determined, the total outlays, the total receipts, and the resulting deficit of the United States for the fiscal year in which ratification occurred.

(C)

The first fiscal year deficit shall not exceed eighty percent of the deficit for the fiscal year in which ratification occurred.

(D)

The second fiscal year deficit shall not exceed sixty percent of the deficit for the fiscal year in which ratification occurred.

(E)

The third fiscal year deficit shall not exceed forty percent of the deficit for the fiscal year in which ratification occurred.

(F)

The fourth fiscal year deficit shall not exceed twenty percent of the deficit for the fiscal year in which ratification occurred.

(G)

The fifth phase-in fiscal year deficit, and all years thereafter, shall have no deficit.