Summary: S.J.Res.31 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for S.J.Res.31. Bill summaries are authored by CRS.

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Introduced in Senate (02/15/2006)

Constitutional Amendment - Requires the U.S. budget deficit to be reduced to the following percentages of the amount of the deficit in the year this article is ratified: (1) 80% in the first fiscal year after ratification; (2) 60% in the second fiscal year after ratification; (3) 40% in the third fiscal year after ratification; and (4) 20% in the fourth fiscal year after ratification.

Prohibits U.S. expenditures from exceeding receipts for any fiscal year after the fourth fiscal year after ratification unless authorized by a law approved by three-fifths of each House of Congress.

Authorizes Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect. Requires any deficit that occurs as a result of such war to be reduced within five fiscal years following the war.