Proposing a balanced budget amendment to the Constitution of the United States.
Mr. GRAHAM (for himself and Mr. DEMINT) introduced the following joint resolution; which was read twice and referred to the Committee on the Judiciary
Proposing a balanced budget amendment to the Constitution of the United States.
`Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless two-thirds of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a rollcall vote.
`Section 2. The limit on the debt of the United States held by the public shall not be increased, unless two-thirds of the whole number of each House shall provide by law for such an increase by a rollcall vote.
`Section 3. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which total outlays do not exceed total receipts.
`Section 4. A bill to increase the internal revenue shall require for final adoption in each House the concurrence of two-thirds of the whole number of that House by rollcall vote.
`Section 5. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law.
`Section 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.
`Section 7. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.
`Section 8. The provisions of this article respecting the internal revenue shall take effect upon the date of ratification of this article. The remaining provisions of this article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2012.'.
U.S. Congress - Text of S.J.Res.24 as Introduced in Senate A joint resolution proposing a balanced budget amendment to the Constitution of the Uni...
