Proposing a balanced budget amendment to the Constitution of the United States.

Bill: 114-hjres-69
Sponsor: full_name: Rep. Carney, John C., Jr. [D-DE-At Large]
Introduced: 2015-10-08
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Constitution and constitutional amendments

Economic performance and conditions

Income tax rates

Legislative rules and procedure
Latest action: action_date: 2015-11-03
text: Referred to the Subcommittee on the Constitution and Civil Justice.

Summaries:
action_date: 2015-10-08
action_desc: Introduced in House
text: <p><b>Constitutional Amendment </b></p> <p>This joint resolution proposes a constitutional amendment prohibiting total outlays of the operating funds of the United States from exceeding total receipts of those funds for a fiscal year unless Congress authorizes the excess by a three-fifths vote of each chamber. </p> <p>The prohibition excludes: </p> <ul> <li> outlays for repayment of debt principal, capital investments, and Social Security; and</li> <li>receipts derived from net borrowing or Social Security. </li> </ul> <p>The President must submit an annual budget in which total outlays for operating funds do not exceed total receipts for those funds for the fiscal year. </p> <p>Congress may waive the requirements for two years if: (1) a declaration of war is in effect, or (2) the Congressional Budget Office estimates that real economic growth has been or will be less than 1% for two consecutive quarters during the two-year period.</p> <p>Congress may also waive the requirements for any year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security. </p>

tv_txt: IA 114th CONGRESS 1st Session H. J. RES. 69 IN THE HOUSE OF REPRESENTATIVES October 8, 2015 Mr. Carney introduced the following joint resolution; which was referred to the Committee on the Judiciary JOINT RESOLUTION Proposing a balanced budget amendment to the Constitution of the United States.

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 for ratification:  — 1. Total estimated outlays of the operating funds of the United States for any fiscal year shall not exceed total estimated receipts to those funds for that fiscal year, unless Congress approves a specific excess of outlays over receipts by three-fifths of the whole number of each House by a roll call vote. 2. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for the fiscal year beginning in that calendar year in which total estimated outlays of the operating funds of the United States for that fiscal year shall not exceed total estimated receipts to those funds for that fiscal year. 3. No bill to increase revenue shall become law unless approved by a majority of the whole number of each House by a roll call vote. 4. The Congress may waive the provisions of this article for any fiscal year and the first fiscal year thereafter if a declaration of war is in effect or if the Director of the Congressional Budget Office, or any successor, estimates that real economic growth has been or will be less than one percent for two consecutive quarters during the period of those two fiscal years. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. 5. Total estimated receipts of the operating funds shall exclude those derived from net borrowing. Total estimated outlays of the operating funds of the United States shall exclude those for repayment of debt principal; and for capital investments. The receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall not be counted as receipts or outlays for purposes of this article. 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts. 7. This article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2020. .