S.J.Res.23 - A joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget.112th Congress (2011-2012)
|Sponsor:||Sen. McConnell, Mitch [R-KY] (Introduced 06/29/2011)|
|Latest Action:||11/30/2011 Committee on the Judiciary Subcommittee on the Constitution, Civil Rights and Human Rights. Hearings held. With printed Hearing: S.Hrg. 112-512.|
This bill has the status Introduced
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.J.Res.23 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (06/29/2011)
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 two-thirds roll call vote of each chamber, authorizes a specific excess of outlays over receipts.
Prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product (GDP) for the preceding calendar year unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess over such 18%.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill from becoming law that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue, unless approved by a two-thirds roll call vote of each chamber.
Requires a three-fifths roll call vote of each chamber to increase the federal debt limit.
Authorizes waivers of these requirements: (1) when a declaration of war is in effect against a nation-state and Congress, by a majority roll call vote of each chamber, authorizes a specific excess; or (2) under other specified circumstances involving military conflict, if Congress, by a three-fifths roll call vote of each chamber, authorizes such waiver.
Prohibits a federal or state court from ordering any increase in revenue to enforce this article.