Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

Summary

Constitutional Amendment - Prohibits the public debt from increasing by more than one percent each year unless authorized by a law approved by a majority of the Members of the Senate and the House of Representatives. Requires such law to be approved by a majority vote of the electorate before it takes effect. Declares that such prohibition does not apply to public debt contracted to: (1) repel invasion of the United States; (2) defend the United States in time of war; (3) support the U.S. armed forces in time of war; or (4) redeem a previous debt obligation of the United States.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 January 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 9 January 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 January 1997

  Open at official source

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