Title: Proposing an amendment to the Constitution of the United States relative to balancing the budget.
Author: Rep. Vern Buchanan (R-FL)

...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 two-thirds 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 18% of the gross domestic product of the United States, unless two-thirds of each chamber of Congress provides for a specific increase above this amount.

The amendment requires a two-thirds vote of each chamber of Congress to impose a new tax, increase the statutory rate of any tax, or increase the aggregate amount of revenue. It requires a three-fifths vote of each chamber to increase the limit on the debt of the United States.

The President must submit an annual budget in which total outlays do not exceed total receipts and 18% of the gross domestic product of the ...

Introduced in House 01/04/2021
Introduced in House 01/04/2021
Referred to the House Committee on the Judiciary. 01/04/2021

Bill Text
(HTML) 01/04/2021 - HJRES 2 (Introduced+in+House)
(PDF) 01/04/2021 - HJRES 2 (Introduced+in+House)

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Author Details

    Rep. Vern Buchanan (R-FL)
    U.S. Representative

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