Title: A 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.
Policy area: Economics and Public Finance

Summary:
This joint resolution proposes a constitutional amendment prohibiting the total amount of money expended by the United States during a fiscal year from exceeding total revenue received for that fiscal year, excluding revenue from the issuance of bonds, notes, or other obligations of the United States.
The amendment also prohibits the total amount of money expended by the United States in any fiscal year from exceeding 20% of the gross domestic product of the United States.
The restrictions do not apply during a fiscal year in which a declaration of war is in effect, or if three-fifths of each chamber of Congress votes to suspend the restrictions.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 12 Introduced in Senate (IS)]

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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.

    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 by the Congress:

                              ``Article--

    ``Section 1. The total amount of money expended by the United 
States in any fiscal year shall not exceed the total amount of revenue 
received by the United States during such fiscal year, excluding 
revenue received from the issuance of bonds, notes, or other 
obligations of the United States.
    ``Section 2. The total amount of money expended by the United 
States in any fiscal year shall not exceed the amount equal to 20 
percent of the gross domestic product of the United States during the 
last calendar year ending before the beginning of such fiscal year.
    ``Section 3. Sections 1 and 2 of this article shall not apply 
during any fiscal year during any part of which the United States is at 
war as declared by Congress under section 8 of article I of the 
Constitution of the United States.
    ``Section 4. Sections 1 and 2 of this article may be suspended by a 
concurrent resolution approved by a three-fifths vote of the Members of 
each House of Congress. Any suspension of sections 1 and 2 of this 
article under this section shall be effective only during the fiscal 
year during which such suspension is approved.
    ``Section 5. This article shall take effect on the first day of the 
first fiscal year beginning after the date of the ratification of this 
article.
    ``Section 6. Congress shall have the power to enforce this article 
by appropriate legislation.''.
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