A joint resolution proposing an amendment to the Constitution of the United States 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 exceed 20 percent of the gross domestic product of the United States during the previous calendar year.

IIA 117TH CONGRESS 1ST SESSION S. J. RES. 12 Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Con- gress) 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 percent of the gross domestic product of the United States during the previous calendar year. IN THE SENATE OF THE UNITED STATES MARCH 18, 2021 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 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 percent of the gross domestic product of the United States during the previous calendar year. Resolved by the Senate and House of Representatives 1 of the United States of America in Congress assembled 2 (two-thirds of each House concurring therein), That the fol- 3 VerDate Sep 11 2014 01:04 Mar 19, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\SJ12.IS SJ12 kjohnson on DSK79L0C42PROD with BILLS 2 •SJ 12 IS lowing article is proposed as an amendment to the Con- 1 stitution of the United States, which shall be valid to all 2 intents and purposes as part of the Constitution when 3 ratified by the legislatures of three-fourths of the several 4 States within seven years after the date of its submission 5 by the Congress: 6 ‘‘ARTICLE — 7 ‘‘SECTION 1. The total amount of money expended 8 by the United States in any fiscal year shall not exceed 9 the total amount of revenue received by the United States 10 during such fiscal year, excluding revenue received from 11 the issuance of bonds, notes, or other obligations of the 12 United States. 13 ‘‘SECTION 2. The total amount of money expended 14 by the United States in any fiscal year shall not exceed 15 the amount equal to 20 percent of the gross domestic 16 product of the United States during the last calendar year 17 ending before the beginning of such fiscal year. 18 ‘‘SECTION 3. Sections 1 and 2 of this article shall 19 not apply during any fiscal year during any part of which 20 the United States is at war as declared by Congress under 21 section 8 of article I of the Constitution of the United 22 States. 23 ‘‘SECTION 4. Sections 1 and 2 of this article may be 24 suspended by a concurrent resolution approved by a three- 25 VerDate Sep 11 2014 01:04 Mar 19, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\SJ12.IS SJ12 kjohnson on DSK79L0C42PROD with BILLS 3 •SJ 12 IS fifths vote of the Members of each House of Congress. 1 Any suspension of sections 1 and 2 of this article under 2 this section shall be effective only during the fiscal year 3 during which such suspension is approved. 4 ‘‘SECTION 5. This article shall take effect on the first 5 day of the first fiscal year beginning after the date of the 6 ratification of this article. 7 ‘‘SECTION 6. Congress shall have the power to en- 8 force this article by appropriate legislation.’’. 9 Æ VerDate Sep 11 2014 01:04 Mar 19, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\SJ12.IS SJ12 kjohnson on DSK79L0C42PROD with BILLS