H.J.Res.41 - Proposing a balanced budget amendment to the Constitution of the United States.112th Congress (2011-2012)
Summary: H.J.Res.41 — 112th Congress (2011-2012)
Introduced in House (02/17/2011)
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.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase or decrease revenue from becoming law unless approved by a majority rollcall vote of each chamber.
Authorizes waivers of these provisions when a declaration of war is in effect.
Requires the appropriate congressional committees to report to their respective chambers implementing legislation to achieve a balanced budget without reducing the disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to achieve that goal.