1 2 2 "ARTICLE "SECTION 1. Except as provided in section 2 of this 3 article, the aggregate amount of expenditures made by the 4 Government during any fiscal year shall not exceed the net 5 amount of revenue received by the Government during that 6 fiscal year. 7 "SEC. 2. Congress may determine by a concurrent reso8 lution agreed to by a rollcall vote of two-thirds of all the 9 Members of each House of Congress that total outlays may 10 exceed total receipts, but it shall not be in order in either the 11 House of Representatives or the Senate to consider any con12 current resolution if for more than three fiscal years out of 13 the preceding eight fiscal years total budget outlays exceed 14 total Federal revenues. If for any fiscal year total Budget 15 outlays exceed Federal revenues, the succeeding four fiscal 16 years shall set forth an aggregate amount of appropriate sur17 plus equal to the amount of such excess. 18 "SEC. 3. (a) PERCENTAGE OF GROSS NATIONAL 19 PRODUCT.-Beginning with the third fiscal year after the en20 actment of this Resolution, and for each year thereafter, the 21 appropriate level of total budget outlays and the appropriate 22 level of Federal revenues set forth in any concurrent resolu23 tion on the budget for a fiscal year shall not exceed 18 per24 cent of the Gross National Product at the close of such fiscal 25 year as projected by the Director of the Congressional 3 1 Budget Office and reported by him, from time to time, to the 2 Committee on the Budget of the House of Representatives 3 and Senate. 4 "(b) The provisions of subsection 3(a) shall not apply to 5 a concurrent resolution on the budget for a fiscal year upon 6 the affirmative vote of two-thirds of the Members of the 7 House of Representatives and the Senate present and voting, 8 by rollcall vote. 9 "SEC. 4. The Congress shall have power to carry this 10 article into effect by appropriate legislation. 11 "SEC. 5. This article shall take effect on the first day of 12 the second fiscal year which begins after the date of its ratifi13 cation. 14 "SEC. 6. This article shall be inoperative unless it is 15 ratified as an amendment to the Constitution by the legisla16 tures of three-fourths of the several States within seven years 17 from the date of its submission to the States by the Con18 gress.". 96TH CONGRESS 1ST SESSION S. J. RES. 6 To require the Federal Government to end deficit financing. IN THE SENATE OF THE UNITED STATES JANUARY 15, 1979 Mr. STENNIS introduced the following joint resolution; which was read twice and referred to the Committee on the Judiciary 1 JOINT RESOLUTION To require the Federal Government to end deficit financing. Resolved by the Senate and House of Representatives of 2 the United States of America in Congress assembled (two3 thirds of each House concurring therein), That the following 4 article is hereby proposed as an amendment to the Constitu5 tion of the United States, which shall be valid to all intents 6 and purposes as part of the Constitution when ratified by the 7 legislatures of three-fourths of the several States within 8 seven years after its submission to the States for ratification: 9 10 "ARTICLE "SECTION 1. In exercising its powers under article I of 11 the Constitution, and in particular its powers to lay and col12 lect taxes, duties, imposts, and excises and to enact laws П-ЕО 2 1 making appropriations, the Congress shall seek to assure that 2 the total outlays of the Government during any fiscal year do 3 not exceed the total receipts of the Government during such 4 fiscal year. 5 "SEC. 2. No later than the twentieth day after the close 6 of each fiscal year, the President shall— 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 "(1) ascertain the total receipts of the Governments during such fiscal year, not including any receipts derived from the issuance of bonds, notes, or other obligations of the United States, and not includ ing any receipts from any income tax surtax imposed under this article; "(2) ascertain the total outlays of the Government during such fiscal year, not including any outlays for the redemption of bonds, notes, or other obligations of the United States; and "(3) if the total receipts described in paragraph (1) are less than the total outlays described in paragraph (2), determine the percentage rate of income tax surtax, to be imposed as provided in section 3, which is necessary to provide an additional amount of revenue equal to the amount by which such total receipts are less than such total outlays, and transmit to the Congress, by special message, the rate of income tax surtax so determined. 1 3 "SEC. 3. Subject to the provisions of section 4, an 2 income tax surtax, at the rate determined and transmitted by 3 the President under section 2 4 5 6 7 8 9 10 11 12 13 "(1) shall be effective for the calendar year following the close of the fiscal year with respect to which the determination was made, or for so much of such calendar year for which such surtax is not suspended under section 4, and "(2) shall apply, as an additional income tax for the period for which it is in effect, with respect to the income tax liability of each taxpayer which is attributable to the portion or portions of such taxpayer's taxable year or years which fall within such period. 14 The income tax liability attributable to a portion of a taxable 15 year falling within a period shall be based upon the ratio of 16 the number of days in the taxable year within such period to 17 the total number of days in the taxable year. 18 "SEC. 4. In the case of a grave national emergency 19 declared by Congress (including a state of war formally de20 clared by Congress), the income tax surtax which would oth21 erwise be in effect for a calendar year under section 3 may be 22 suspended for such year, or a portion thereof, by a concurrent 23 resolution, agreed to by a rollcall vote of three-fourths of all 24 Members of each House of Congress, with such resolution |