H.R.2685 - Restoring America's Dignity Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Brooks, Mo [R-AL-5] (Introduced 07/28/2011)|
|Committees:||House - Ways and Means|
|Latest Action:||07/28/2011 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2685 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (07/28/2011)
Restoring America's Dignity Act of 2011 - Increases the public debt limit by $750 billion, effective upon adoption by the Congress of a balanced budget constitutional amendment in accordance with the requirements of this Act. Increases the public debt limit by an additional $750 billion, effective upon ratification of such amendment.
Requires such a balanced budget amendment to provide, among other things, that: (1) total outlays of the United States (except those for repayment of debt principal) for any fiscal year shall not exceed total receipts (except those derived from borrowing) for that fiscal year; (2) such limitations may be suspended by a majority of the membership of both houses of Congress in the event of a declared war, or by 3/4 of the membership of Congress for any other fiscal year; (3) any bill increasing net gross federal tax receipts by levying a new tax or revenue source, or increasing the rate of any existing tax or revenue source, or by amending the terms of one or more then-existing taxes or revenue sources, shall not become law unless approved by 3/5 of the membership of Congress; (4) the President, in specified circumstances, shall have discretion to take necessary steps to ensure total outlays for that fiscal year do not exceed total receipts; (5) any Member of Congress, state governor, or state attorney general shall have standing and a cause of action to seek judicial enforcement of the amendment; and (6) after ratification of the amendment its requirements shall be phased in over 5 years according to a specified schedule.