[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 123 Introduced in House (IH)]

103d CONGRESS
  1st Session
H. J. RES. 123

  Proposing an amendment to the Constitution of the United States to 
    provide for a balanced budget for the United States Government.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 24, 1993

Mr. Orton introduced the following joint resolution; which was referred 
                   to the Committee on the Judiciary

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                            JOINT RESOLUTION


 
  Proposing an amendment to the Constitution of the United States to 
    provide for a balanced budget for the United States Government.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled (two-thirds of each House 
concurring therein), That the following article is proposed as an 
amendment to the Constitution of the United States, which shall be 
valid to all intents and purposes as part of the Constitution if 
ratified by the legislatures of three-fourths of the several States 
within seven years after its submission to the States for ratification:

                              ``Article--

    ``Section 1. Total outlays of the United States for any fiscal year 
shall not exceed total receipts to the United States for that fiscal 
year.
    ``Section 2. Prior to each fiscal year, the President shall 
transmit to the Congress a proposed budget for the United States 
Government for that fiscal year in which total outlays do not exceed 
total receipts.
    ``Section 3. For any fiscal year in which actual outlays exceed 
actual receipts, the Congress shall provide by law for the repayment in 
the ensuing fiscal year of such excess outlays. If Congress fails to 
provide by law for repayment, within fifteen days after Congress 
adjourns to end a session, there shall be a sequestration of all 
outlays to eliminate a budget deficit.
    ``Section 4. The provisions of this article may be waived for any 
fiscal year only if Congress so provides by law by a majority of the 
whole number of each House. Such waiver shall be subject to veto by the 
President.
    ``Section 5. Total receipts shall include all receipts of the 
United States Government except those derived from borrowing. Total 
outlays shall include all outlays of the United States Government, 
except for those for repayment of debt principal.
    ``Section 6. This article shall take effect beginning with fiscal 
year 2000 or with the second fiscal year beginning after its 
ratification, whichever is later.''.

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