[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 44 Introduced in House (IH)]







105th CONGRESS
  1st Session
H. J. RES. 44

  Proposing an amendment to the Constitution of the United States to 
                       require a balanced budget.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 5, 1997

Mr. Obey 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 
                       require a balanced budget.

    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 United States shall never contract any public debt 
except in the cases and manners provided in this article. No limitation 
imposed by this article shall apply to the Federal Old-Age and 
Survivors Insurance Trust Fund and the Federal Disability Insurance 
Trust Fund.
    ``Section 2. The United States may borrow money to repel invasion, 
suppress insurrection, or defend the United States in time of war, but 
the money thus raised shall be applied exclusively to the object for 
which the loan was authorized or to the repayment of the debt thereby 
created.
    ``Section 3. If the President determines and the Congress concurs 
by a majority vote that to prevent an unacceptable reduction in 
economic growth that would raise unemployment or diminish family 
income, it is essential for the United States to provide for needed 
capital investments by contracting public debt, the United States may 
contract public debt to acquire, construct, develop, extend, enlarge, 
or improve land, waters, property, highways, railways, buildings, 
equipment, or facilities for public purposes or to make funds available 
for veterans' housing loans.
    ``Section 4. The United States may contract public debt to fund or 
refund the whole or any part of indebtedness incurred prior to the date 
this article takes effect.
    ``Section 5. This article shall take effect beginning with fiscal 
year 2002 or with the second fiscal year beginning after its 
ratification, whichever is later.''.
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