Page images
PDF
EPUB

2

[ocr errors]

1 by the legislatures of three-fourths of the several States in

[blocks in formation]

4

"SECTION 1. In exercising its powers under article I of

5 this Constitution, the Congress shall assure that the total

6 outlays of the Government during any fiscal year do not 7 exceed the total revenues of the Government during such 8 fiscal year. Total outlays shall include budget and off-budget 9 outlays, and exclude redemptions of the public debt. 10 "SEC. 2. Total outlays of the Government during any 11 fiscal year shall not increase by a percentage greater than the 12 ercentage increase in the nominal gross national product 13 during the last calendar year ending prior to the beginning of 14 such fiscal year. If the inflation rate for that calendar year is

15 more than 3 per centum, the permissible percentage increase

16 in total outlays during such fiscal year shall be reduced by

17 one-fourth of the percentage by which the inflation rate ex

18 ceeds 3 per centum.

19

"SEC. 3. (a) The Congress may provide by a concurrent

20 resolution agreed to in each House of Congress by a rollcall

21 vote of 60 per centum of all Members thereof that sections 1

22 and 2 of this article shall not apply to one fiscal year. Any

23 such resolution shall specify permissible levels of outlays and 24 revenues which may be considered during that fiscal year. It

3

1 may not be considered by either House unless it has been on

2 the calendar of that House for at least seven calendar days.

3 “(b) If the two Houses have agreed to a concurrent res4 olution under subsection (a) for a fiscal year, another concur5 rent resolution with respect to levels of outlays and receipts 6 which may be made during that fiscal year shall require for 7 adoption an affirmative rollcall vote of 75 per centum of all

8 Members of each House.

9

“Sec. 4. Budgetary terms used in this article shall be

10 construed in such manner as to substantially accord with 11 their meanings on the day on which this article was submit

12 ted to the States for ratification.

13 “Sec. 5. This article shall apply to the second fiscal 14 year which begins after the date of its ratification and to each

15 succeeding fiscal year.

16

"SEC. 6. This article shall be inoperative unless it shall

17 have been ratified as an amendment to the Constitution by

18 the legislatures of three-fourths of the several States within

19 seven years from the date of its submission.

[blocks in formation]

Proposing an amendment to the Constitution of the United States which requires

(except during fiscal years during which the United States is at war or during which suspension is approved) that the annual deficit of the United States be eliminated, which requires tax rates to be reduced to offset the effects of inflation, and which establishes a procedure for the approval of bills or joint resolutions effecting taxes.

IN THE SENATE OF THE UNITED STATES

JULY 9 (legislative day, JUNE 21), 1979 Mr. ARMSTRONG 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 which requires (except during fiscal years during which the United States is at war or during which suspension is approved) that the annual deficit of the United States be eliminated, which requires tax rates to be reduced to offset the effects of inflation, and which establishes a procedure for the approval of bills or joint resolutions effecting

taxes.

1

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

2

1 article is proposed as an amendment to the Constitution of

2 the United States, to be valid only if ratified by the legisla

3 tures of three-fourths of the several States within seven years

4 of the date of final passage of this joint resolution:

[blocks in formation]

6

"SECTION 1. The total amount of money expended by

7 the United States (including sums extended by the United

8 States for loans) in any fiscal year of the Treasury of the 9 United States (or other similar period of time designated by 10 the Congress for purposes of accounts, receipts, expenditures,

11 estimates, and appropriations) shall not exceed the total 12 amount of revenue received by the United States during such 13 fiscal year from taxes, duties, imposts, and excises.

.

[ocr errors]

14

"SEC. 2. Section 1 of this article shall not apply during

fiscal year

15 any

of the Treasury of the United States (or other 16 similar period) during any part of which the United States is 17 at war as declared by the Congress under section 8 of article

18 I of the Constitution.

19 “Sec. 3. Section 1 of this article may be suspended by a 20 joint resolution approved by a vote of three-fifths of the Mem21 bers of each House of the Congress and approved and signed 22 by the President of the United States or, if not approved and

23 signed by the President, approved by a vote of two-thirds of

24 the Members of each House of the Congress. Any suspension

25 of section 1 of this article under this section shall be effective

3

1 only during the fiscal year of the Treasury of the United

2 States (or other similar period) during which such suspension

3 is approved. 4 "SEC. 4. The Congress shall for each fiscal year of the

5 Treasury of the United States (or other similar period) reduce 6 the rates of taxes, duties, imposts, and excises it lays and

7 collects to offset the effects of inflation during such fiscal

8 year.

9 “SEC. 5. Every bill or joint resolution having the effect 10 of increasing any taxes, duties, imposts, or excises during the

11 fiscal year of the Treasury of the United States (or other

12 similar period) during which the bill or joint resolution is ap13 proved shall become law only after it is approved by a vote of 14 three-fifths of each House of the Congress and approved and

15 signed by the President of the United States or, if not ap16 proved and signed by the President, approved by a vote of

17 two-thirds of each House of the Congress.

18

“SEC. 6. Every bill or joint resolution having the effect

19 of reducing any taxes, duties, imposts, or excises during the 20 fiscal year of the Treasury of the United States (or other

21 similar period) during which the bill or joint resolution is ap22 proved shall become law, notwithstanding section 1 of this 23 article, after it is approved by a vote of a majority of each 24 House of the Congress and approved and signed by the

25 President of the United States or, if not approved and signed

« EelmineJätka »