S.J.Res. 4 · 112th Congress
A joint resolution proposing an amendment to the Constitution of the UnitedStates 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 to exceed 20 per cent of the gross national product of the United States during the previous calendar year.
- Stage
- In committee
- Sponsor
- Richard Shelby
- Introduced
- 2011-02-01
- Latest action
- 2011-02-01 · Introduced in Senate
Summary
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% 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 chamber.