[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 74 Introduced in House (IH)]

103d CONGRESS
  1st Session
H. J. RES. 74

To amend the Constitution of the United States to provide for balanced 
          budgets and elimination of the Federal indebtedness.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 1993

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

_______________________________________________________________________

                            JOINT RESOLUTION


 
To amend the Constitution of the United States to provide for balanced 
          budgets and elimination of the Federal indebtedness.

    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 hereby 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 three years after its submission to the States for ratification:

                              ``Article--

    ``Section 1. In exercising its powers under article I of the 
Constitution, and in particular its powers to lay and collect taxes, 
duties, imposts, and excises and to enact laws making appropriations, 
the Congress shall assure that the total outlays of the Government of 
the United States during any fiscal year do not exceed the total 
receipts of the Government during such fiscal year and that the Federal 
indebtedness is eliminated.
    ``Section 2. During the first fiscal year beginning after the 
ratification of this article, the total receipts of the Government, not 
including receipts derived from the issuance of bonds, notes, or other 
obligations of the United States, shall not be less than 80 per centum 
of the total outlays, not including any outlays for the redemption of 
bonds, notes, or other obligations of the United States. During the 
second fiscal year, the total receipts shall not be less than 84 per 
centum of the total outlays. During the third fiscal year, the total 
receipts shall not be less than 88 per centum of the total outlays. 
During the fourth, fifth, and sixth fiscal years, the total receipts 
for that fiscal year shall not be less than 92 per centum, 96 per 
centum, and 100 per centum, respectively, of total outlays for that 
fiscal year.
    ``Section 3. During the sixth fiscal year beginning after the 
ratification of this article and for each succeeding year thereafter, 
total outlays shall not exceed total receipts.
    ``Section 4. In the case of a national emergency, Congress may 
determine by a concurrent resolution agreed to by a rollcall vote of 
three-fourths of all the Members of each House of Congress that total 
outlays may exceed total receipts: Provided, however, That outlays 
shall never exceed receipts by more than 10 per centum.
    ``Section 5. During the seventh fiscal year beginning after the 
ratification of this article and for the next 39 succeeding fiscal 
years thereafter, the total receipts of the Government shall exceed 
outlays by an amount equal to 2\1/2\ per centum of the Federal 
indebtedness at the beginning of the seventh fiscal year. The President 
shall, not later than the thirtieth day after the close of the sixth 
fiscal year, ascertain the total Federal indebtedness and transmit said 
total to Congress by special message.
    ``Section 6. Whenever, after the transmission of the special 
message referred to in section 5, the Congress determines under section 
4 that an emergency exists and authorizes outlays to exceed receipts, 
any indebtedness ensuing therefrom shall be extinguished within three 
fiscal years of being incurred.
    ``Section 7. The Congress shall have power to enforce this article 
by appropriate legislation.''.

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