Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

Constitutional Amendment - Prohibits the public debt from increasing by more than one percent each year unless authorized by a law approved by a majority of the Members of the Senate and the House of Representatives. Requires such law to be approved by a majority vote of the electorate before it takes effect.

Declares that such prohibition does not apply to public debt contracted to: (1) repel invasion of the United States; (2) defend the United States in time of war; (3) support the U.S. armed forces in time of war; or (4) redeem a previous debt obligation of the United States.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 36 Introduced in House (IH)]







106th CONGRESS
  1st Session
H. J. RES. 36

  Proposing an amendment to the Constitution of the United States to 
  restrict annual deficits by limiting the public debt of the United 
   States and requiring a favorable vote of the people on any law to 
                          exceed such limits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 1999

   Mr. Pickett introduced the following joint resolution; which was 
               referred to the Committee on the Judiciary

_______________________________________________________________________

                            JOINT RESOLUTION


 
  Proposing an amendment to the Constitution of the United States to 
  restrict annual deficits by limiting the public debt of the United 
   States and requiring a favorable vote of the people on any law to 
                          exceed such limits.

    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 for 
ratification:

                              ``Article--

    ``Section 1. The public debt of the United States shall not in any 
fiscal year increase by more than one percent of the amount of the 
public debt outstanding at the beginning of such year unless authorized 
by a law approved by a majority of the Members elected to each the 
Senate and House of Representatives, which law shall not take effect 
until it shall have been submitted to the people at an election and a 
majority of those voting on the question shall have approved such law.
    ``Section 2. Section 1 shall not apply to public debt contracted--
            ``(1) to repel invasion of the United States;
            ``(2) to defend the United States in time of war;
            ``(3) to support the Armed Forces of the United States in 
        time of war; or
            ``(4) to redeem a previous debt obligation of the United 
        States.
    ``Section 3. This article shall take effect beginning with the 
second fiscal year beginning after its ratification.''.
                                 <all>