[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 31 Introduced in House (IH)]

  1st Session
H. J. RES. 31

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 4, 1995

    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 two years after its submission to the States for ratification:

                              ``Article--

    ``Section 1. Beginning in fiscal year 1999, the United States 
government shall not borrow money or any other thing of value except 
for the purpose of rolling over its existing debt balance, and shall 
not issue additional currency except as it reflects additional United 
States productivity.
    ``Section 2. Beginning in fiscal year 2000, and for the next 39 
succeeding fiscal years thereafter, the national debt shall be retired 
by an amount equal to 2\1/2\ per centum of the national debt at the 
beginning of fiscal year 2000.
    ``Section 3. The Congress shall have power to enforce this article 
by appropriate legislation.''.
                                 <all>