H.J.Res. 3 — A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or other grave national emergency as determined by the Congress, expenditures of the United States in each fiscal year shall not exceed 20 per centum of the gross national product for the preceding calendar year, and expenditures of the United States in each fiscal year shall not exceed revenues of the United States for that fiscal year. | PoliFocus

H.J.Res. 397th Congress

A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or other grave national emergency as determined by the Congress, expenditures of the United States in each fiscal year shall not exceed 20 per centum of the gross national product for the preceding calendar year, and expenditures of the United States in each fiscal year shall not exceed revenues of the United States for that fiscal year.

Subjects

Economics and Public Finance

Summary

Constitutional Amendment - Requires the President to compute annually the gross national product of the United States. Limits the expenditures of the Government in any year to 20 percent of the gross national product of the preceding year. Requires the United States to maintain a balanced budget each year. Permits suspension of such limitations during a period of grave national emergency or time of war by a concurrent resolution agreed to by two-thirds of the authorized membership of each House of Congress.

Full Text

Related Legislation

H.J.Res. 350A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.
1982-10-01Considered by House Failed to Receive Two-thirds Vote Necessary for Constitutional Amendment.
Related

Legislative Actions

1981-01-05
Introduced in House
1981-01-05
Introduced in House
1981-01-05
Referred to House Committee on The Judiciary.
1981-02-17
Referred to Subcommittee on Monopolies and Commercial Law.
1981-03-18
Subcommittee Hearings Held.
1981-03-19
Subcommittee Hearings Held.
1982-05-05
Subcommittee Hearings Held.
1982-05-19
Subcommittee Hearings Held.
1982-07-28
Motion to Discharge Committee Filed by Neal. Discharge Petition No: 21.
1982-08-18
See H.J.Res.350.

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