H.J.Res.1 - Proposing a balanced budget amendment to the Constitution of the United States.110th Congress (2007-2008)
Summary: H.J.Res.1 — 110th Congress (2007-2008)
Introduced in House (01/04/2007)
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.