IIA 

117TH CONGRESS 

1ST SESSION S. J. RES. 12 

Proposing an amendment to the Constitution of the United States which 

requires (except during time of war and subject to suspension by Congress) that the total amount of money expended by the United States 

during any fiscal year not exceed the amount of certain revenue received 

by the United States during such fiscal year and not exceed 20 percent 

of the gross domestic product of the United States during the previous 

calendar year. 

IN THE SENATE OF THE UNITED STATES 

MARCH 18, 2021 

Mr. SHELBY 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 time of war and 

subject to suspension by Congress) that the total amount 

of money expended by the United States during any 

fiscal year not exceed the amount of certain revenue 

received by the United States during such fiscal year 

and not exceed 20 percent of the gross domestic product 

of the United States during the previous calendar year. 

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 folVerDate Sep 11 2014 01:04 Mar 19, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\SJ12.IS SJ12

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1 lowing article is proposed as an amendment to the Con2 stitution of the United States, which shall be valid to all 

3 intents and purposes as part of the Constitution when 

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

5 States within seven years after the date of its submission 

6 by the Congress: 

7 ‘‘ARTICLE— 

8 ‘‘SECTION 1. The total amount of money expended 

9 by the United States in any fiscal year shall not exceed 

10 the total amount of revenue received by the United States 

11 during such fiscal year, excluding revenue received from 

12 the issuance of bonds, notes, or other obligations of the 

13 United States. 

14 ‘‘SECTION 2. The total amount of money expended 

15 by the United States in any fiscal year shall not exceed 

16 the amount equal to 20 percent of the gross domestic 

17 product of the United States during the last calendar year 

18 ending before the beginning of such fiscal year. 

19 ‘‘SECTION 3. Sections 1 and 2 of this article shall 

20 not apply during any fiscal year during any part of which 

21 the United States is at war as declared by Congress under 

22 section 8 of article I of the Constitution of the United 

23 States. 

24 ‘‘SECTION 4. Sections 1 and 2 of this article may be 

25 suspended by a concurrent resolution approved by a threeVerDate Sep 11 2014 01:04 Mar 19, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\SJ12.IS SJ12

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1 fifths vote of the Members of each House of Congress. 

2 Any suspension of sections 1 and 2 of this article under 

3 this section shall be effective only during the fiscal year 

4 during which such suspension is approved. 

5 ‘‘SECTION 5. This article shall take effect on the first 

6 day of the first fiscal year beginning after the date of the 

7 ratification of this article. 

8 ‘‘SECTION 6. Congress shall have the power to en9 force this article by appropriate legislation.’’. 

Æ 


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