H.J.Res.5 - Proposing an amendment to the Constitution of the United States relative to balancing the budget.113th Congress (2013-2014)
|Sponsor:||Rep. Buchanan, Vern [R-FL-13] (Introduced 01/03/2013)|
|Committees:||House - Judiciary|
|Latest Action:||House - 01/25/2013 Referred to the Subcommittee on the Constitution And Civil Justice. (All Actions)|
This bill has the status Introduced
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Summary: H.J.Res.5 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (01/03/2013)
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.