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 in-
debtedness.
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 fol-
lowing article is hereby 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 three years after its submission to the States
for ratification:
HJ 74 IH
‘‘ARTICLE —
‘‘SECTION 1. In exercising its powers under article
I of the Constitution, and in particular its powers to lay
and collect taxes, duties, imposts, and excises and to enact
laws making appropriations, the Congress shall assure
that the total outlays of the Government of the United
States during any fiscal year do not exceed the total re-
ceipts of the Government during such fiscal year and that
the Federal indebtedness is eliminated.
‘‘SECTION 2. During the first fiscal year beginning
after the ratification of this article, the total receipts of
the Government, not including receipts derived from the
issuance of bonds, notes, or other obligations of the United
States, shall not be less than 80 per centum of the total
outlays, not including any outlays for the redemption of
bonds, notes, or other obligations of the United States.
During the second fiscal year, the total receipts shall not
be less than 84 per centum of the total outlays. During
the third fiscal year, the total receipts shall not be less
than 88 per centum of the total outlays. During the
fourth, fifth, and sixth fiscal years, the total receipts for
that fiscal year shall not be less than 92 per centum, 96
per centum, and 100 per centum, respectively, of total out-
lays for that fiscal year.
HJ 74 IH
‘‘SECTION 3. During the sixth fiscal year beginning
after the ratification of this article and for each succeeding
year thereafter, total outlays shall not exceed total re-
ceipts.
‘‘SECTION 4. In the case of a national emergency,
Congress may determine by a concurrent resolution agreed
to by a rollcall vote of three-fourths of all the Members
of each House of Congress that total outlays may exceed
total receipts: Provided, however, That outlays shall never
exceed receipts by more than 10 per centum.
‘‘SECTION 5. During the seventh fiscal year beginning
after the ratification of this article and for the next 39
succeeding fiscal years thereafter, the total receipts of the
Government shall exceed outlays by an amount equal to
21⁄2 per centum of the Federal indebtedness at the begin-
ning of the seventh fiscal year. The President shall, not
later than the thirtieth day after the close of the sixth
fiscal year, ascertain the total Federal indebtedness and
transmit said total to Congress by special message.
‘‘SECTION 6. Whenever, after the transmission of the
special message referred to in section 5, the Congress de-
termines under section 4 that an emergency exists and au-
thorizes outlays to exceed receipts, any indebtedness ensu-
ing therefrom shall be extinguished within three fiscal
years of being incurred.
HJ 74 IH
‘‘SECTION 7. The Congress shall have power to en-
force this article by appropriate legislation.’’.
Æ