S.J.Res.1 - A joint resolution proposing an amendment to the Constitution of the United States relative to require a balanced budget and protect Social Security surpluses.110th Congress (2007-2008)
Joint ResolutionHide Overview icon-hide
|Sponsor:||Sen. Craig, Larry E. [R-ID] (Introduced 01/04/2007)|
|Committees:||Senate - Judiciary|
|Latest Action:||01/04/2007 Read twice and referred to the Committee on the Judiciary.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.J.Res.1 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (01/04/2007)
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.
Bars any surplus of receipts (including interest) over outlays of the Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Funds from being counted for purposes of this article. Requires any deficit of receipts (including interest) relative to outlays of such trust funds to be counted and to be completely offset by a surplus of all other receipts over all other outlays.
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.
Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House by a roll call vote.
Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious military threat to national security as declared by a joint resolution which becomes law.
Allows any enforcement or implementation legislation of the Congress to rely on estimates of outlays and receipts.