S.J.Res.7 - A joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget.113th Congress (2013-2014)
|Sponsor:||Sen. Cornyn, John [R-TX] (Introduced 02/13/2013)|
|Committees:||Senate - Judiciary|
|Latest Action:||02/13/2013 Read twice and referred to the Committee on the Judiciary.|
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.7 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (02/13/2013)
Constitutional Amendment - Prohibits total 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.