SENATE CONCURRENT RESOLUTION No. 115

 

STATE OF NEW JERSEY

 

INTRODUCED MARCH 10, 1997

 

 

By Senators SCHLUTER, LITTELL, Bassano, Ciesla, Matheussen, Bark, Bubba, Connors, Cafiero, Kosco,

Ewing, Martin, Cardinale, Bennett and McNamara

 

 

A Concurrent Resolution ratifying a proposed amendment to the Constitution of the United States to require that the federal budget shall be balanced, except under certain circumstances.

 

Whereas, The government of the United States has had a budget deficit during 31 of the last 32 years; and

Whereas, As a result of these deficits, the federal government's debt now exceeds $5 trillion, or more than $20,000 for every citizen; and

Whereas, The funding of this debt greatly burdens the economic development of the United States by diverting money from productive investments to the purchase of government obligations; and

Whereas, The debt also affects public policy, because an increasing portion of federal revenues must be used for debt service and is therefore unavailable for programs to benefit people in need; and

Whereas, The growth of the federal budget deficit takes a toll on the nation's prosperity by limiting the fiscal independence of future generations; and

Whereas, In order to carry out its leadership role in world economic affairs, the United States must not be perceived as a nation incapable of balancing its budget or controlling its economic destiny; and

Whereas, The fiscal limitations imposed by the federal deficit represents a betrayal of those principles of liberty upon which this nation was founded and to which its laws and government are dedicated; and

Whereas, The following article has been proposed in the Congress of the United States as an amendment to the Constitution of the United States:

 

 

"ARTICLE --

 

    "Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fifths of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a rollcall vote.

    "Section 2. The limit on the debt of the United States held by the public shall not be increased, unless three-fifths of the whole number of each House shall provide by law for such an increase by a rollcall 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 total outlays do not exceed total receipts.

    "Section 4. No bill to increase revenue shall become law unless approved by a majority of the whole number of each House by a rollcall vote.

    "Section 5. Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law.

    "Section 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

    "Section 7. 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 for those for the repayment of debt principal.

    "Section 8. This article shall take effect beginning with the fiscal year 2002 or with the second fiscal year beginning after its ratification, whichever is later."; and

 

Whereas, In accordance with the provisions of Article V of the Constitution of the United States, the resolution proposing the Constitutional amendment hereinabove set forth provides that the amendment "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 within seven years after the date of its submission for ratification"; now, therefore,

 

    Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):

 

    1. The Legislature of the State of New Jersey, on behalf of the State of New Jersey, does hereby ratify the proposed amendment to the Constitution of the United States, as reproduced in the preamble to this concurrent resolution.


    2. The Secretary of the State of New Jersey is directed to notify the Archivist of the United States of the action taken by the Legislature of the State of New Jersey with respect to this proposed amendment to the Constitution of the United States.

 

 

STATEMENT

 

    This concurrent resolution ratifies a proposed amendment to the United States Constitution to require that the annual budget of the United States shall be balanced, unless three-fifths of the members of each House of Congress shall provide by law for a specific deficit amount by a rollcall vote. In addition, the limit on the federal debt could not be increased unless three-fifths of the members of each House provides by law for such an increase. The proposed amendment provides that Congress may waive these restrictions for any fiscal year in which a declaration of war is in effect or any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security (as declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law). The proposed amendment further provides that no bill to increase revenue shall become law unless approved by a majority of the whole number of each House by a rollcall vote.

 

 

 

Ratifies federal balanced budget amendment to U.S. Constitution.