[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 102 Introduced in House (IH)]

112th CONGRESS
  2d Session
H. J. RES. 102

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2012

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

_______________________________________________________________________

                            JOINT RESOLUTION


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

    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. Total outlays for a year shall not exceed the average 
annual revenue collected in the three prior years, adjusted in 
proportion to changes in population and inflation. Total outlays shall 
include all outlays of the United States except those for payment of 
debt, and revenue shall include all revenue of the United States except 
that derived from borrowing.
    ``Section 2. Two-thirds of each House of Congress may by roll call 
vote declare an emergency and provide by law for specific outlays in 
excess of the limit in section 1. The declaration shall specify reasons 
for the emergency designation and shall limit the period in which 
outlays may exceed the limit in section 1 to no longer than one year.
    ``Section 3. All revenue in excess of outlays shall reduce the debt 
of the United States. Upon the retirement of such debt, revenue in 
excess of outlays shall be held by the Treasury to be used as specified 
in section 2.
    ``Section 4. The Congress shall have power to enforce and implement 
this article by appropriate legislation.
    ``Section 5. This article shall take effect in the first year 
beginning at least 90 days following ratification, except that outlays 
shall not surpass the sum of the limit described in section 1 and the 
following portion of the prior year's outlays exceeding that limit 
(excepting emergency outlays as provided for in section 2): six-
sevenths in the first year, five-sixths in the second, four-fifths in 
the third, three-fourths in the fourth, two-thirds in the fifth, one-
half in the sixth, and the limit shall bind in the seventh year and 
thereafter.''.
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