H.J.Res.1 - Proposing a balanced budget amendment to the Constitution of the United States.112th Congress (2011-2012)
Joint ResolutionHide Overview icon-hide
|Sponsor:||Rep. Goodlatte, Bob [R-VA-6] (Introduced 01/05/2011)|
|Committees:||House - Judiciary|
|Committee Reports:||H. Rept. 112-117|
|Latest Action:||06/23/2011 Placed on the House Calendar, Calendar No. 49.|
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Summary: H.J.Res.1 — 112th Congress (2011-2012)All Bill Information (Except Text)
Reported to House amended (06/23/2011)
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
Limits total outlays for any fiscal year to 18% of the U.S. economic output, unless two-thirds of each House of Congress provides for a specific increase above this amount.
Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by two-thirds of each chamber by rollcall vote.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.