Summary: H.J.Res.332 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.J.Res.332. Bill summaries are authored by CRS.

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Introduced in House (02/08/1973)

Constitutional Amendment - Prohibits the Congress from making any appropriation for any fiscal year if the resulting total of appropriations for such fiscal year would exceed the total estimated revenues of the United States for such fiscal year.

Provides that, in time of war or national emergency, as declared by the Congress, the application of this Amendment may be suspended by a concurrent resolution which has passed the Senate and the House of Representatives by an affirmative vote of three-fourths of the authorized membership of each such House. Makes such suspension effective for the two-year term of the Congress which passes such resolution.

Prohibits an increase in the national debt. Provides that such debt, as it exists on the date on which this article is ratified, shall be repaid during the one-hundred-year period beginning with the first fiscal year which begins after the date on which this article is ratified at the rate of one-tenth of such debt during each ten-year interval of such one-hundred-year period.