Summary

S.J.Res. 4: A joint resolution proposing an amendment to the Constitution of the UnitedStates which requires (except during time of war and subject to suspension by Congress) that... Read More

Status

This resolution was introduced on Feb 1, 2011, in a previous session of Congress, but was not passed.

Bill Text

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 national product of the United States during the previous calendar year.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission by the Congress:

``Article--

``Section 1. The total amount of money expended by the United States in any fiscal year shall not exceed the total amount of revenue received by the United States during such fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States. ``Section 2. The total amount of money expended by the United States in any fiscal year shall not exceed the amount equal to 20 percent of the gross national product of the United States during the last calendar year ending before the beginning of such fiscal year. ``Section...

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Bill Summary

S.J.Res. 4: A joint resolution proposing an amendment to the Constitution of the UnitedStates 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 to exceed 20 per cent of the gross national product of the United States during the previous calendar year.

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