IA

103D CONGRESS

1ST SESSION H. J. RES. 74

To amend the Constitution of the United States to provide for balanced

budgets and elimination of the Federal indebtedness.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 26, 1993

Mr. JACOBS introduced the following joint resolution; which was referred to

the Committee on the Judiciary

JOINT RESOLUTION

To amend the Constitution of the United States to provide

for balanced budgets and elimination of the Federal indebtedness.

1 Resolved by the Senate and House of Representatives

2 of the United States of America in Congress assembled

3 (two-thirds of each House concurring therein), That the fol4 lowing article is hereby proposed as an amendment to the

5 Constitution of the United States, which shall be valid to

6 all intents and purposes as part of the Constitution when

7 ratified by the legislatures of three-fourths of the several

8 States within three years after its submission to the States

9 for ratification:
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1 ‘‘ARTICLE—

2 ‘‘SECTION 1. In exercising its powers under article

3 I of the Constitution, and in particular its powers to lay

4 and collect taxes, duties, imposts, and excises and to enact

5 laws making appropriations, the Congress shall assure

6 that the total outlays of the Government of the United

7 States during any fiscal year do not exceed the total re8 ceipts of the Government during such fiscal year and that

9 the Federal indebtedness is eliminated.

10 ‘‘SECTION 2. During the first fiscal year beginning

11 after the ratification of this article, the total receipts of

12 the Government, not including receipts derived from the

13 issuance of bonds, notes, or other obligations of the United

14 States, shall not be less than 80 per centum of the total

15 outlays, not including any outlays for the redemption of

16 bonds, notes, or other obligations of the United States.

17 During the second fiscal year, the total receipts shall not

18 be less than 84 per centum of the total outlays. During

19 the third fiscal year, the total receipts shall not be less

20 than 88 per centum of the total outlays. During the

21 fourth, fifth, and sixth fiscal years, the total receipts for

22 that fiscal year shall not be less than 92 per centum, 96

23 per centum, and 100 per centum, respectively, of total out24 lays for that fiscal year.
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1 ‘‘SECTION 3. During the sixth fiscal year beginning

2 after the ratification of this article and for each succeeding

3 year thereafter, total outlays shall not exceed total re4 ceipts.

5 ‘‘SECTION 4. In the case of a national emergency,

6 Congress may determine by a concurrent resolution agreed

7 to by a rollcall vote of three-fourths of all the Members

8 of each House of Congress that total outlays may exceed

9 total receipts: Provided, however, That outlays shall never

10 exceed receipts by more than 10 per centum.

11 ‘‘SECTION 5. During the seventh fiscal year beginning

12 after the ratification of this article and for the next 39

13 succeeding fiscal years thereafter, the total receipts of the

14 Government shall exceed outlays by an amount equal to

21 15 ⁄2 per centum of the Federal indebtedness at the begin16 ning of the seventh fiscal year. The President shall, not

17 later than the thirtieth day after the close of the sixth

18 fiscal year, ascertain the total Federal indebtedness and

19 transmit said total to Congress by special message.

20 ‘‘SECTION 6. Whenever, after the transmission of the

21 special message referred to in section 5, the Congress de22 termines under section 4 that an emergency exists and au23 thorizes outlays to exceed receipts, any indebtedness ensu24 ing therefrom shall be extinguished within three fiscal

25 years of being incurred.
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1 ‘‘SECTION 7. The Congress shall have power to en2 force this article by appropriate legislation.’’.

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