S.J.Res.24 - Joint resolution proposing a balanced budget amendment to the Constitution of the United States.112th Congress (2011-2012)
|Sponsor:||Sen. Udall, Mark [D-CO] (Introduced 08/02/2011)|
|Committees:||Senate - Judiciary|
|Latest Action:||12/14/2011 Failed of passage in Senate by Yea-Nay Vote. 21 - 79. Record Vote Number: 228.|
|Major Recorded Votes:||12/14/2011 : Failed Senate|
This bill has the status Failed Senate
Here are the steps for Status of Legislation:
- Failed Senate
Subject — Policy Area:
- Economics and Public Finance
- View subjects
Summary: S.J.Res.24 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (08/02/2011)
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 roll call vote of each chamber, authorizes a specific excess of outlays over receipts.
Excludes receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, or either of their successor funds, from consideration as receipts or outlays for purposes of this Amendment.
Directs the President to submit a balanced budget to Congress annually.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
Prohibits Congress from passing any bill that provides a net reduction in individual income taxes for those with incomes over $1 million (as may be adjusted by Congress to account for inflation) if, after enactment, total outlays would exceed total receipts in any fiscal year affected by the bill.
Prohibits a federal or state court from ordering any reduction in the Social Security benefits authorized by law, including any benefits provided from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, or either of their successor funds.