S.J.Res.3 - A joint resolution proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 percent of the gross domestic product of the United States during the previous calendar year.115th Congress (2017-2018)
|Sponsor:||Sen. Shelby, Richard C. [R-AL] (Introduced 01/04/2017)|
|Committees:||Senate - Judiciary|
|Latest Action:||Senate - 01/04/2017 Read twice and referred to the Committee on the Judiciary. (All Actions)|
This bill has the status Introduced
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Summary: S.J.Res.3 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (01/04/2017)
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.