H.R.371 - Protecting America's Solvency Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Brooks, Mo [R-AL-5] (Introduced 01/23/2013)|
|Committees:||House - Ways and Means|
|Latest Action:||01/23/2013 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.371 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (01/23/2013)
Protecting America's Solvency Act of 2013 - Increases the public debt limit by $1 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 $1 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) this fiscal year deficit prohibition may be suspended by a majority of the membership of both houses of Congress in the event of a congressionally declared war, or by 4/5 of the membership of Congress for any other fiscal year; (3) 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; (4) 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 (5) after ratification of the amendment its requirements shall be phased in according to a specified schedule.