Summary: S.J.Res.3 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.J.Res.3. Bill summaries are authored by CRS.

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Introduced in Senate (01/04/2017)

Constitutional Amendment

This joint resolution proposes a constitutional amendment prohibiting the total amount of money expended by the United States during a fiscal year from exceeding total revenues received for that fiscal year, excluding revenue from the issuance of bonds, notes, or other obligations of the United States.

The amendment prohibits the total amount of money expended by the United States in any fiscal year from exceeding 20% of the gross domestic product of the United States.

The restrictions do not apply during a fiscal year in which a declaration of war is in effect, or if three-fifths of each chamber of Congress votes to suspend the restrictions.