H.J.Res.31 - To amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.104th Congress (1995-1996)
|Sponsor:||Rep. Jacobs, Andrew, Jr. [D-IN-10] (Introduced 01/04/1995)|
|Committees:||House - Judiciary|
|Latest Action:||01/24/1995 For Further Action See H.J.Res.1. (All Actions)|
This bill has the status Introduced
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Summary: H.J.Res.31 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (01/04/1995)
Constitutional Amendment - Prohibits, beginning in FY 1999, the Government from: (1) borrowing money or any other thing of value except for the purpose of rolling over its existing debt balance; and (2) issuing additional currency except as it reflects additional U.S. productivity.
Requires, beginning in FY 2000 and for the next 39 succeeding fiscal years, the national debt to be retired by an amount equal to two and one-half percent of the national debt at the beginning of FY 2000.