[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 40 Introduced in House (IH)]







104th CONGRESS
  1st Session
H. J. RES. 40

  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 limits.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

   Mr. Pickett 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 
  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 limits.

    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 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;
            ``(2) to defend the United States in time of war;
            ``(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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