H.J.Res.54 - Proposing an amendment to the Constitution of the United States relative to balancing the budget.

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  • Official: Proposing an amendment to the Constitution of the United States relative to balancing the budget. as introduced.

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Introduced
 
House
Passes
 

 
04/06/11
 
 
 

Sponsor

Representative

Joe Walsh

R-IL

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Official Summary

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific exces

Official Summary

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess of outlays over receipts. Prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product (GDP) for the preceding calendar year unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess over such 18%. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill from becoming law that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue, unless approved by a two-thirds roll call vote of each chamber. Requires a three-fifths roll call vote of each chamber to increase the federal debt limit. Authorizes waivers of these requirements:
(1) when a declaration of war is in effect against a nation-state and Congress, by a majority roll call vote of each chamber, authorizes a specific excess; or
(2) under other specified circumstances involving military conflict, if Congress, by a three-fifths roll call vote of each chamber, authorizes such waiver. Prohibits a federal or state court from ordering any increase in revenue to enforce this article.

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