[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 161 Introduced in House (IH)]

103d CONGRESS
  1st Session
H. J. RES. 161

  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 limit.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 1993

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

_______________________________________________________________________

                            JOINT RESOLUTION


 
  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 limit.

    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 when 
ratified by the legislatures of three-fourths of the several States 
within seven years after the date of its submission for ratification:

                              ``Article --

    ``Section 1. The public debt of the United States shall not in any 
fiscal year increase by more than one percent of the amount of the 
public debt outstanding at the beginning of such year unless authorized 
by a law approved by a majority of the Members elected to each the 
Senate and the House of Representatives, which law shall not take 
effect until it shall have been submitted to the people at an election 
and a majority of those voting on the question shall have approved such 
law.
    ``Section 2. Section 1 shall not apply to public debt contracted--
            ``(1) to repel invasion of the United States; or
            ``(2) to defend the United States in time of war; or
            ``(3) to support the Armed Forces of the United States in 
        time of war; or
            ``(4) to redeem a previous debt obligation of the United 
        States.
    ``Section 3. This article shall take effect beginning with the 
second fiscal year beginning after its ratification.''.

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