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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 7 Introduced in Senate (IS)]

105th CONGRESS
  1st Session
S. J. RES. 7

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

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            January 21, 1997

  Mr. Gramm 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 
                       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. Prior to each fiscal year, Congress shall, by law, 
adopt a statement of receipts and outlays for such fiscal year in which 
total outlays are not greater than total receipts. Congress may, by 
law, amend that statement provided revised outlays are not greater than 
revised receipts. Congress may provide in that statement for a specific 
excess of outlays over receipts by a vote directed solely to that 
subject in which three-fifths of the whole number of each House agree 
to such excess. Congress and the President shall ensure that actual 
outlays do not exceed the outlays set forth in such statement.
    ``Section 2. No bill to increase tax revenue shall become law 
unless approved by a three-fifths majority of the whole number of each 
House of Congress.
    ``Section 3. Prior to each fiscal year, the President shall 
transmit to Congress a proposed statement of receipts and outlays for 
such fiscal year consistent with the provisions of this Article.
    ``Section 4. Congress may waive the provisions of this Article for 
any fiscal year in which a declaration of war is in effect. The 
provisions of this Article may be waived for any fiscal year in which 
the United States faces an imminent and serious military threat to 
national security and is so declared by a joint resolution, adopted by 
a majority of the whole number of each House, which becomes law.
    ``Section 5. 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 6. The amount of the debt of the United States held by 
the public as of the date this Article takes effect shall become a 
permanent limit on such debt and there shall be no increase in such 
amount unless three-fifths of the whole number of each House of 
Congress shall have passed a bill approving such increase and such bill 
has become law.
    ``Section 7. All votes taken by the House of Representatives or the 
Senate under this Article shall be rollcall votes.
    ``Section 8. Congress shall enforce and implement this Article by 
appropriate legislation.
    ``Section 9. This Article shall take effect of the fiscal year 2002 
or for the second fiscal year beginning after its ratification, 
whichever is later.''.
                                 <all>
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