Full Text of Balanced Budget Amendment Bill - S.J.Res. 10 With Latest Updates: House Votes Next Week

Below is the full text of the bill proposing that the federal government have a balanced budget.  Maybe you, like me, think it's a good idea to read this thing. 

What is a balanced budget amendment? 

Balanced budget amendments are not new, a federal version has been debated for years -- and all but three of the states have their own version of a balanced budget requirement, imposed either by constitution or by statute (the three that do not are Wyoming, North Dakota, and Alaska according to the Austin American Statesman). 

In sum, these balanced budget laws (or amendments) state that the government cannot spend more than it takes in; in this proposal, each year the President would have to provide a proposed budget to Congress (who has the purse-strings) that demonstrated no plan for the feds to spend more than the federal income. 

The 2011 Balanced Budget Amendment - Details


For more information on the current proposed bill for a Balanced Budget Amendment to the U.S. Constitution, read through the links provided here by Thomas.gov. 

Note that this proposal not only seeks a Balanced Budget but it also establishes caps on spending at 18% Gross Domestic Product (GDP) and it fights against an increase in federal taxes by requiring an overwhelming Congressional vote approving any tax hike.

Shown below is the version of the bill that was accurate as of the date of this post (you can download a pdf from the Government Printing Office here). 

The House of Representatives will vote on this bill during the week of July 18, 2011.  If the House approves this bill, then the next step will be to send the proposed amendment to the 50 states for their ratification: 


 _____________________________________________  112th CONGRESS 1st Session S. J. RES. 10
Proposing an amendment to the Constitution of the United States relative to balancing the budget.
IN THE SENATE OF THE UNITED STATES

March 31, 2011

Mr. HATCH (for himself, Mr. LEE, Mr. CORNYN, Mr. KYL, Mr. MCCONNELL, Mr. TOOMEY, Ms. SNOWE, Mr. RISCH, Mr. RUBIO, Mr. DEMINT, Mr. PAUL, Mr. VITTER, Mr. ENZI, Mr. KIRK, Mr. THUNE, Mr. ALEXANDER, Mr. INHOFE, Mr. CRAPO, Mr. BURR, Mr. BARRASSO, Mr. COBURN, Mr. MORAN, Mr. LUGAR, Mrs. HUTCHISON, Mr. ISAKSON, Mr. BROWN of Massachusetts, Mr.
JOHNSON of Wisconsin, Mr. GRAHAM, Mr. GRASSLEY, Mr. SHELBY, Mr. SESSIONS, Mr. MCCAIN, Mr. BOOZMAN, Mr. ROBERTS, Ms. COLLINS, Mr. HOEVEN, Mr. CHAMBLISS, Ms. AYOTTE, Mr. BLUNT, Mr. COATS, Mr. COCHRAN, Mr. CORKER, Mr. ENSIGN, Mr. JOHANNS, Ms. MURKOWSKI, Mr. PORTMAN, and Mr. WICKER) introduced the following joint resolution which was referred to the Committee on the Judiciary

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JOINT RESOLUTION
Proposing an amendment to the Constitution of the United States relative to balancing the budget.

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:

`Article--

`Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless two-thirds of the duly chosen and sworn Members of each House of Congress shall provide by law for a specific excess of outlays over receipts by a roll call vote.

`Section 2. Total outlays for any fiscal year shall not exceed 18 percent of the gross domestic product of the United States for the calendar year ending before the beginning of such fiscal year, unless two-thirds of the duly chosen and sworn Members of each House of Congress shall provide by law for a specific amount in excess of such 18 percent by a roll call vote.

`Section 3. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which--

`(1) total outlays do not exceed total receipts; and

`(2) total outlays do not exceed 18 percent of the gross domestic product of the United States for the calendar year ending before the beginning of such fiscal year.

`Section 4. Any bill that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue may pass only by a two-thirds majority of the duly chosen and sworn Members of each House of Congress by a roll call vote. For the purpose of determining any increase in revenue under this section, there shall be excluded any increase resulting from the lowering of the statutory rate of any tax.

`Section 5. The limit on the debt of the United States shall not be increased, unless three-fifths of the duly chosen and sworn Members of each House of Congress shall provide for such an increase by a roll call vote.

`Section 6. The Congress may waive the provisions of sections 1, 2, 3, and 5 of this article for any fiscal year in which a declaration of war against a nation-state is in effect and in which a majority of the duly chosen and sworn Members of each House of Congress shall provide for a specific excess by a roll call vote.

`Section 7. The Congress may waive the provisions of sections 1, 2, 3, and 5 of this article in any fiscal year in which the United States is engaged in a military conflict that causes an imminent and serious military threat to national security and is so declared by three-fifths of the duly chosen and sworn Members of each House of Congress by a roll call vote. Such suspension must identify and be limited to the specific excess of outlays for that fiscal year made necessary by the identified military conflict.

`Section 8. No court of the United States or of any State shall order any increase in revenue to enforce this article.

`Section 9. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except those for repayment of debt principal.

`Section 10. The Congress shall have power to enforce and implement this article by appropriate legislation, which may rely on estimates of outlays, receipts, and gross domestic product.

`Section 11. This article shall take effect beginning with the fifth fiscal year beginning after its ratification.'.