A joint resolution proposing an amendment to the Constitution of the United States which provides that the total expenditures of the United States shall not exceed the total amount of revenue (except in time of war or during a period of suspension) and providing that the debt of the United States shall not exceed that amount existing upon ratification of this amendment.

Summary

Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenues received by the United States during such fiscal year. Provides for a suspension of such prohibition during a time of war as declared by Congress or upon approval of a joint resolution approved by three-fifths of the Members of each House of Congress and approved and signed by the President or, if not approved and signed by the President, approved by a vote of two-thirds of the Members of each House of Congress. Declares that any deficit approved pursuant to this article shall be considered money expended by the United States for the first following fiscal year. Requires Congress to provide for a corresponding increase in the level of total revenues if the amount of such deficit exceeds two percent of the level of total expenditures. Prohibits the amount of the debt of the United States from exceeding the amount of such debt on the date of adoption of this article.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 January 1981

   Introduced

   Referred to House Committee on The Judiciary.

   Source: IntroReferral

2. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 February 1981

   Referred

   Referred to Subcommittee on Monopolies and Commercial Law.

   Source: Committee

5. 18 March 1981

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 19 March 1981

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 5 May 1982

   Committee

   Subcommittee Hearings Held.

   Source: Committee

8. 19 May 1982

   Committee

   Subcommittee Hearings Held.

   Source: Committee

9. 18 August 1982

   Committee

   See H.J.Res.350.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 28 January 1981

  Open at official source

Sponsors

• Rep. Volkmer, Harold L. [D-MO-9] · D · Sponsor
• · hsju00 · Standing

Related records

• related to ← A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.