[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 3 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
S. J. RES. 3

  Proposing an amendment to the Constitution of the United States to 
   provide that expenditures for a fiscal year shall neither exceed 
 revenues for such fiscal year nor 19 per centum of the Nation's gross 
national product for the last calendar year ending before the beginning 
                          of such fiscal year.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 4, 1995

Mr. Kyl introduced the following joint resolution; which was read twice 
             and referred to the Committee on the Judiciary

_______________________________________________________________________

                            JOINT RESOLUTION


 
  Proposing an amendment to the Constitution of the United States to 
   provide that expenditures for a fiscal year shall neither exceed 
 revenues for such fiscal year nor 19 per centum of the Nation's gross 
national product for the last calendar year ending before the beginning 
                          of such fiscal year.

    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. Except as provided in this article, outlays of the 
United States Government for any fiscal year may not exceed its 
receipts for that fiscal year.
    ``Section 2. Except as provided in this article, the outlays of the 
United States Government for a fiscal year may not exceed 19 per centum 
of the Nation's gross national product for that fiscal year.
    ``Section 3. The Congress may, by law, provide for suspension of 
the effect of sections 1 or 2 of this article for any fiscal year for 
which three-fifths of the whole number of each House shall provide, by 
a roll call vote, for a specific excess of outlays over receipts or 
over 19 per centum of the Nation's gross national product.
    ``Section 4. Total receipts shall include all receipts of the 
United States except those derived from borrowing and total outlays 
shall include all outlays of the United States except those for the 
repayment of debt principal.
    ``Section 5. This article shall apply to the second fiscal year 
beginning after its ratification and to subsequent fiscal years, but 
not to fiscal years beginning before October 1, 2001.''.
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