H.J.Res.1 - Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.105th Congress (1997-1998)
|Sponsor:||Rep. Schaefer, Dan [R-CO-6] (Introduced 01/07/1997)|
|Committees:||House - Judiciary|
|Latest Action:||02/05/1997 Committee Consideration and Mark-up Session Held.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.J.Res.1 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (01/07/1997)
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.
Requires a three-fifths roll call vote of each House to increase the public debt.
Directs the President to submit a balanced budget to the Congress.
Requires the approval of a majority of each House by roll call vote before any bill to increase revenue may become law.
Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; or (2) the United States is engaged in a military conflict which poses a threat to national security as declared by a joint resolution adopted by a majority of each House.
Makes this article effective beginning with FY 2002 or with the second fiscal year beginning after its ratification, whichever is later.