Because our country can't afford to continue down this unsustainable fiscal course any longer, I urge you to pass this Balanced Budget Amendment before completing the federal budget for the coming fiscal year.
According to my First Amendment right to petition, I expect full compliance with this request, and will hold you accountable and responsible for fulfilling it.
Congress and the President shall ensure that actual outlays do not exceed the outlays set forth in such statement. No bill to increase tax revenue shall become law unless approved by a three-fifths majority of the whole number of each House of Congress. Prior to each fiscal year, the President shall transmit to Congress a proposed statement of receipts and outlays for such fiscal year consistent with the provisions of this Article. Congress may waive the provisions of this Article for any fiscal year in which a declaration of war is in effect. Congress will be able to waive the Amendment's requirements based on a declaration of war; an alternative waiver mechanism requires a joint resolution (that is supported by a majority of the total membership in each House and becomes law) declaring ``an imminent and serious military threat to national security,'' [section 4].
The provisions of this Article may be waived for any fiscal year in which the United States faces an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. Total receipts shall include all receipts of the United States except those derived from borrowing and total outlays shall include all outlays of the United States except those for the repayment of debt principal. The amount of the debt of the United States held by the public as of the date this Article takes effect shall become a permanent limit on such debt and there shall be no increase in such amount unless three-fifths of the whole number of each House of Congress shall have passed a bill approving such increase and such bill has become law. All votes taken by the House of Representatives or the Senate under this Article shall be rollcall votes. Congress shall enforce and implement this Article by appropriate legislation. This Article shall take effect for the fiscal year 2002 or for the second fiscal year beginning after its ratification, whichever is later.''. The constitutional amendment takes effect ``for the fiscal year 2002 or for the second fiscal year beginning after its ratification, whichever is later,'' [section 9].
The net interest on the national debt for this fiscal year (FY 1995) is projected at 5 billion.
The alternative constitutional procedure of Congress calling a convention for proposing amendments--on application of the legislatures of two-thirds of the states--is unused to date, although at one point 32 of the requisite 34 states called for a constitutional convention in response to the balanced budget issue. 1 proposes ratification by state legislature, the process generally prescribed.
Hyde, from the Committee on the Judiciary, submitted the following R E P O R T together with DISSENTING AND ADDITIONAL VIEWS [To accompany H. Prior to each fiscal year, Congress shall, by law, adopt a statement of receipts and outlays for such fiscal year in which total outlays are not greater than total receipts. 1, the proposed balanced budget amendment to the Constitution of the United States, is designed to discourage the federal government from engaging in deficit spending, increasing taxes, and raising the ceiling on debt held by the public. Reed to bar implementing legislation from impairing veterans' disability and death benefits, under programs established prior to ratification, from the coverage of the Article.
1) proposing a balanced budget amendment to the Constitution of the United States, having considered the same, report favorably thereon with an amendment and recommend that the joint resolution as amended do pass.
The federal deficit for fiscal year 1995 is projected at 6 billion.
In fiscal year 1996, the deficit is expected to increase to 7 billion.