A 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 per centum of the gross national product of the United States during the previous calendar year.

Constitutional Amendment - Prohibits, except in time of a congressionally declared war, Federal fiscal year expenditures from exceeding: (1) Federal revenues for that fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States; and (2) 20 percent of the gross national product for the preceding calendar year. Authorizes suspension of these prohibitions by concurrent resolution approved by a three-fifths vote of each House of Congress.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 10 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
S. J. RES. 10

 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 
 per centum of the gross national product of the United States during 
                      the previous calendar year.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 16, 2005

 Mr. Shelby introduced the following joint resolution; which was read 
          twice and referred to the Committee on the Judiciary

_______________________________________________________________________

                            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 
 per centum 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, That the following article is 
proposed as an amendment to the Constitution of the United States, to 
be valid only if ratified by the legislatures of three-fourths of the 
several States within 7 years of the date of final passage of this 
joint resolution:

                              ``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 per 
centum of the gross national product of the United States during the 
last calendar year ending before the beginning of such fiscal year.
    ``Section 3. Sections 1 and 2 of this Article shall not apply 
during any fiscal year during any part of which the United States is at 
war as declared by Congress under section 8 of Article I of the 
Constitution.
    ``Section 4. Sections 1 and 2 of this Article may be suspended by a 
concurrent resolution approved by a three-fifths vote of the Members of 
each House of Congress. Any suspension of sections 1 and 2 of this 
Article under this section shall be effective only during the fiscal 
year during which such suspension is approved.
    ``Section 5. This Article shall take effect on the first day of the 
first fiscal year beginning after the date of the adoption of this 
Article.
    ``Section 6. Congress shall have power to enforce this Article by 
appropriate legislation.''.
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