H.J.Res.8 - Proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced and that an increase in the Federal debt requires approval from a majority of the legislatures of the several States.114th Congress (2015-2016)
|Sponsor:||Rep. Schweikert, David [R-AZ-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
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Summary: H.J.Res.8 — 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 or 18% of the U.S. gross domestic product unless Congress authorizes the excess by a two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The amendment requires a two-thirds vote of each chamber of Congress to levy a new tax, increase the rate of any tax, or increase the debt limit. Approval by a majority of the state legislatures is required to increase the federal debt.
The amendment provides any Member of Congress with standing and a cause of action to seek judicial enforcement of this amendment if authorized by a petition signed by one-third of the Members of either house of Congress. Courts are prohibited from ordering any increase in revenue to enforce this amendment.