S.J.Res.3 - A joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget.

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  • Official: A joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget. as introduced.

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Introduced
 
Senate
Passes
 

 
01/26/11
 
 
 

Sponsor

Senator

Orrin Hatch

R-UT

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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 rollcall vote of each chamber, authorizes a specific excess

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 rollcall vote of each chamber, authorizes a specific excess of outlays over receipts. Prohibits total outlays for any fiscal year from exceeding 20% of the gross domestic product for the preceding calendar year unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess over such 20%. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase federal taxes from becoming law unless approved by two-thirds of each chamber by rollcall vote. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

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