H.J.Res.73 - Proposing an amendment to the Constitution of the United States to balance the Federal budget.111th Congress (2009-2010)
|Sponsor:||Rep. Broun, Paul C. [R-GA-10] (Introduced 01/27/2010)|
|Committees:||House - Judiciary|
|Latest Action:||03/01/2010 Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.|
This bill has the status Introduced
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.J.Res.73 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (01/27/2010)
Constitutional Amendment - Prohibits outlays for a fiscal year (including those for debt service and other debt functions) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess of outlays over receipts.
Prohibits outlays for the total budget from exceeding the previous fiscal years' outlays plus population growth and inflation, unless a two-thirds roll call vote of each chamber, provides for such increase.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by a two-thirds roll call vote of each chamber.
Authorizes waivers of these provisions when a declaration of war is in effect only by a vote of a majority of both chambers.
Requires all: (1) outlays above revenues from the previous fiscal year to be accounted for in the outlays and budgets of the following fiscal year; and (2) surplus revenues at the end of a fiscal year to be allocated to a fund to be returned to the taxpayers, determined by legislation before the end of the subsequent fiscal year.