Title: Effectuating the Compact for a Balanced Budget.
Policy area: Economics and Public Finance

Summary:
Resolves that Congress calls a convention for proposing amendments under Article V of the U.S. Constitution in accordance with the Compact for a Balanced Budget, effective after Congress receives certification that at least three-fourths of the states are members of the Compact and have applied for a convention for proposing amendments under Article V of the U.S. Constitution.
Resolves that Congress refers the Balanced Budget Amendment to the state legislatures for ratification after Congress receives a certified copy of the Amendment showing that a convention for proposing amendments under Article V has approved and proposed for ratification the Amendment that is defined by the Compact and meets specified criteria, including prohibiting outlays from exceeding receipts unless the excess is financed by debt issued using specified procedures requiring approval by a majority of state legislatures.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 73 Introduced in House (IH)]

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115th CONGRESS
  1st Session
H. CON. RES. 73

            Effectuating the Compact for a Balanced Budget.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 2017

 Mr. Messer (for himself, Mr. Cramer, Mr. Harper, and Mr. Jody B. Hice 
 of Georgia) submitted the following concurrent resolution; which was 
               referred to the Committee on the Judiciary

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
            Effectuating the Compact for a Balanced Budget.

    Resolved by the House of Representatives (the Senate concurring),

SECTION 1. CONCURRENT RESOLUTION TO EFFECTUATE THE COMPACT FOR A 
              BALANCED BUDGET.

    (a) Declaration.--The Congress determines and declares that this 
concurrent resolution calls the Convention contemplated by the Compact 
for a Balanced Budget under article V of the United States 
Constitution, and refers for ratification the Balanced Budget Amendment 
contemplated by the Compact for a Balanced Budget.
    (b) Table of Contents.--The table of contents for this resolution 
is as follows:

Sec. 1. Concurrent resolution to effectuate the Compact for a Balanced 
                            Budget.
    TITLE I--CONCURRENT RESOLUTION PROSPECTIVELY CALLING CONVENTION 
             CONTEMPLATED BY COMPACT FOR A BALANCED BUDGET

Sec. 101. Effective date.
Sec. 102. Convention call.
Sec. 103. Termination date.
 TITLE II--CONCURRENT RESOLUTION PROSPECTIVELY REFERRING THE BALANCED 
        BUDGET AMENDMENT TO STATE LEGISLATURES FOR RATIFICATION

Sec. 201. Effective date.
Sec. 202. Referral to legislatures of the several States for 
                            ratification.

    TITLE I--CONCURRENT RESOLUTION PROSPECTIVELY CALLING CONVENTION 
             CONTEMPLATED BY COMPACT FOR A BALANCED BUDGET

SEC. 101. EFFECTIVE DATE.

    This title does not take effect until Congress receives sufficient 
certified conforming copies of the chaptered version of the Compact for 
a Balanced Budget formed initially by the State of Georgia and the 
State of Alaska pursuant to 2014 Georgia Laws Act 475 (H.B. 794) and 
2014 Alaska Laws Ch. 12 (H.B. 284), respectively, as it may be joined 
by additional States and amended from time to time (``Compact for a 
Balanced Budget''), evidencing that at least three-fourths of the 
several States are Member States of the Compact for a Balanced Budget 
and have made application thereunder for a convention for proposing 
amendments under article V of the United States Constitution.

SEC. 102. CONVENTION CALL.

    Upon the effective date of this title, be it resolved by the House 
of Representatives of the United States (the Senate concurring), 
Congress hereby calls a convention for proposing amendments under 
article V of the United States Constitution in accordance with the 
Compact for a Balanced Budget.

SEC. 103. TERMINATION DATE.

    If for any reason the convention for proposing amendments under 
article V of the United States Constitution contemplated herein has not 
permanently adjourned within one year from the effective date of this 
title, all titles of this resolution shall become null and void ab 
initio and shall be deemed repealed in its entirety.

 TITLE II--CONCURRENT RESOLUTION PROSPECTIVELY REFERRING THE BALANCED 
        BUDGET AMENDMENT TO STATE LEGISLATURES FOR RATIFICATION

SEC. 201. EFFECTIVE DATE.

    This title does not take effect until Congress receives a certified 
conforming copy of the Balanced Budget Amendment, as defined by the 
Compact for a Balanced Budget and described herein, evidencing that the 
convention for proposing amendments under article V of the United 
States Constitution organized thereunder has approved and proposed the 
same for ratification.

SEC. 202. REFERRAL TO LEGISLATURES OF THE SEVERAL STATES FOR 
              RATIFICATION.

    Upon the effective date of this title, be it resolved by the House 
of Representatives of the United States (the Senate concurring), that 
the following article has been proposed as an amendment to the 
Constitution of the United States by a convention for proposing 
amendments under article V of the United States Constitution, 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. Total outlays of the Government of the United States 
shall not exceed total receipts of the Government of the United States 
at any point in time unless the excess of outlays over receipts is 
financed exclusively by debt issued in strict conformity with this 
article.
    ``Section 2. Outstanding debt shall not exceed authorized debt, 
which initially shall be an amount equal to 105 percent of the 
outstanding debt on the effective date of this article. Authorized debt 
shall not be increased above its aforesaid initial amount unless such 
increase is first approved by the legislatures of the several States as 
provided in section 3.
    ``Section 3. From time to time, Congress may increase authorized 
debt to an amount in excess of its initial amount set by section 2 only 
if it first publicly refers to the legislatures of the several States 
an unconditional, single subject measure proposing the amount of such 
increase, in such form as provided by law, and the measure is 
thereafter publicly and unconditionally approved by a simple majority 
of the legislatures of the several States, in such form as provided 
respectively by State law; provided that no inducement requiring an 
expenditure or tax levy shall be demanded, offered or accepted as a 
quid pro quo for such approval. If such approval is not obtained within 
60 calendar days after referral then the measure shall be deemed 
disapproved and the authorized debt shall thereby remain unchanged.
    ``Section 4. Whenever the outstanding debt exceeds 98 percent of 
the debt limit set by section 2, the President shall enforce said limit 
by publicly designating specific expenditures for impoundment in an 
amount sufficient to ensure outstanding debt shall not exceed the 
authorized debt. Said impoundment shall become effective 30 days 
thereafter, unless Congress first designates an alternate impoundment 
of the same or greater amount by concurrent resolution, which shall 
become immediately effective. The failure of the President to designate 
or enforce the required impoundment is an impeachable misdemeanor. Any 
purported issuance or incurrence of any debt in excess of the debt 
limit set by section 2 is void.
    ``Section 5. No bill that provides for a new or increased general 
revenue tax shall become law unless approved by a two-thirds roll call 
vote of the whole number of each House of Congress. However, this 
requirement shall not apply to any bill that provides for a new end 
user sales tax which would completely replace every existing income tax 
levied by the Government of the United States; or for the reduction or 
elimination of an exemption, deduction, or credit allowed under an 
existing general revenue tax.
    ``Section 6. For purposes of this article, `debt' means any 
obligation backed by the full faith and credit of the Government of the 
United States; `outstanding debt' means all debt held in any account 
and by any entity at a given point in time; `authorized debt' means the 
maximum total amount of debt that may be lawfully issued and 
outstanding at any single point in time under this article; `total 
outlays of the Government of the United States' means all expenditures 
of the Government of the United States from any source; `total receipts 
of the Government of the United States' means all tax receipts and 
other income of the Government of the United States, excluding proceeds 
from its issuance or incurrence of debt or any type of liability; 
`impoundment' means a proposal not to spend all or part of a sum of 
money appropriated by Congress; and `general revenue tax' means any 
income tax, sales tax, or value-added tax levied by the Government of 
the United States excluding imposts and duties.
    ``Section 7. This article is immediately operative upon 
ratification, self-enforcing, and Congress may enact conforming 
legislation to facilitate enforcement.''.
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