119th Congress Economics and Public Finance
H.J.Res. 3: Proposing an amendment to the Constitution of the United States relative to balancing the budget.
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The amendment prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product of the United States unless two-thirds of each chamber of Congress provides for a specific increase above this amount.
The amendment requires a two-thirds vote of each chamber of Congress to impose a new tax, increase the statutory rate of any tax, or increase the aggregate amount of revenue. It requires a three-fifths vote of each chamber to increase the limit on the debt of the United States.
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The President must submit an annual budget in which total outlays do not exceed total receipts or 18% of the gross domestic product of the United States.
The amendment prohibits a court from ordering a revenue increase to enforce the requirements.
Congress may waive specified requirements when a declaration of war is in effect or the United States is engaged in a military conflict that causes an imminent and serious military threat to national security.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Randall Fine R-FL
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Other bills by Vern Buchanan
History
- Introduced in the House by Vern Buchanan.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on the Judiciary.