[Congressional Bills 103th Congress] [From the U.S. Government Publishing Office] [S.J. Res. 67 Introduced in Senate (IS)] 103d CONGRESS 1st Session S. J. RES. 67 Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by the 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 exceed 20 per centum of the gross national product of the United States during the previous calendar year. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 16 (legislative day, March 3), 1993 Mr. Shelby introduced the following joint resolution; which was read twice and referred to the Committee on the Judiciary _______________________________________________________________________ JOINT RESOLUTION Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by the 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 exceed 20 per centum of the gross national product of the United States during the previous calendar year. 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, to be valid only if ratified by the legislatures of three-fourths of the several States within seven years of the date of final passage of this joint resolution: ``Article-- ``Section 1. The total amount of money expended by the United States in any fiscal year shall not exceed the total amount of revenue received by the United States during such fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States. ``Section 2. The total amount of money expended by the United States in any fiscal year shall not exceed the amount equal to 20 per centum of the gross national product of the United States during the last calendar year ending before the beginning of such fiscal year. ``Section 3. Sections 1 and 2 of this Article shall not apply during any fiscal year during any part of which the United States is at war as declared by the Congress under section 8 of Article I of the Constitution. ``Section 4. Sections 1 and 2 of this Article may be suspended by a concurrent resolution approved by a vote of a majority of the Members of each House of the Congress. Any suspension of sections 1 and 2 of this Article under this section shall be effective only during the fiscal year during which such suspension is approved. ``Section 5. This Article shall take effect on the first day of the first fiscal year beginning after the date of the adoption of this Article. ``Section 6. The Congress shall have power to enforce this Article by appropriate legislation.''. <all>