H.J.Res.73 - Proposing an amendment to the Constitution of the United States to balance the Federal budget.

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

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Introduced
 
House
Passes
 

 
01/26/10
 
 
 

Official Summary

1/27/2010--Introduced.Constitutional Amendment - Prohibits outlays for a fiscal year (including those for debt service and other debt functions) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each

Official Summary

1/27/2010--Introduced.Constitutional Amendment - Prohibits outlays for a fiscal year (including those for debt service and other debt functions) 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 outlays for the total budget from exceeding the previous fiscal years' outlays plus population growth and inflation, unless a two-thirds roll call vote of each chamber, provides for such increase. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a two-thirds roll call vote of each chamber. Authorizes waivers of these provisions when a declaration of war is in effect only by a vote of a majority of both chambers. Requires all:
(1) outlays above revenues from the previous fiscal year to be accounted for in the outlays and budgets of the following fiscal year; and
(2) surplus revenues at the end of a fiscal year to be allocated to a fund to be returned to the taxpayers, determined by legislation before the end of the subsequent fiscal year.

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