H.J.Res.1 - Proposing a balanced budget amendment to the Constitution of the United States.114th Congress (2015-2016)
|Sponsor:||Rep. Goodlatte, Bob [R-VA-6] (Introduced 01/06/2015)|
|Committees:||House - Judiciary|
|Latest Action:||House - 01/12/2015 Referred to the Subcommittee on the Constitution and Civil Justice. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.J.Res.1 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (01/06/2015)
This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The amendment prohibits total outlays for any fiscal year from exceeding one-fifth of the economic output of the United States, unless two-thirds of each house of Congress provides a specific increase in outlays above this amount.
The amendment requires a three-fifths roll call vote of each chamber of Congress to increase the public debt limit or to increase revenue. It also requires the President to submit a balanced budget to Congress annually.
Congress is authorized to waive these requirements when a declaration of war is in effect or if the United States is engaged in a military conflict which causes an imminent and serious military threat to national security.