Proposing an amendment to the Constitution of the United States to balance the Federal budget.

Summary

Constitutional Amendment - Prohibits outlays for a fiscal year (including those for debt service and other debt functions) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess of outlays over receipts. Prohibits outlays for the total budget from exceeding the previous fiscal years' outlays plus population growth and inflation, unless a two-thirds roll call vote of each chamber, provides for such increase. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a two-thirds roll call vote of each chamber. Authorizes waivers of these provisions when a declaration of war is in effect only by a vote of a majority of both chambers. Requires all: (1) outlays above revenues from the previous fiscal year to be accounted for in the outlays and budgets of the following fiscal year; and (2) surplus revenues at the end of a fiscal year to be allocated to a fund to be returned to the taxpayers, determined by legislation before the end of the subsequent fiscal year.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 January 2010

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• Introduced in House (PDF)

  Introduced in House · EN · 27 January 2010

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 January 2010

  Open at official source

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