Proposing an amendment to the Constitution of the United States to require a balanced budget.

Summary

Constitutional Amendment - Prohibits the United States from ever contracting any public debt except in the cases and manners provided in this article. Exempts the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from any limitation imposed by this Article. Allows the United States to borrow money to repel invasion, suppress insurrection, or defend the United States in time of war, if the money raised is applied exclusively to the object for which the loan was authorized or to the repayment of such debt. Allows the United States to contract public debt to acquire, construct, develop, extend, enlarge, or improve land, waters, property, highways, railways, buildings, equipment, or facilities for public purposes or to make funds available for veterans' housing loans, if the President determines and the Congress concurs by a majority vote that to prevent an unacceptable reduction in economic growth that would raise unemployment or diminish family income, it is essential for the United States to provide for such needed capital investments by contracting public debt. Allows the United States to contract public debt to fund or refund the whole or any part of indebtedness incurred before this Article takes effect. Requires this article to take effect beginning with the later of FY 2002 or the second fiscal year beginning after its ratification.

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

Timeline

1. 5 February 1997

   Introduced

   Referred to the House Committee on the Judiciary.

   Source: IntroReferral

2. 5 February 1997

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 February 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 March 1997

   Referred

   Referred to the Subcommittee on the Constitution.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 5 February 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 February 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 February 1997

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 5 February 1997

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Obey, David R. [D-WI-7] · D · Sponsor
• · hsju00 · Standing

Related records

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