Day 4 - TWO AMENDMENTS TO LIMIT FEDERAL SPENDING AND TAXING SPENDING SECTION 1: Congress shall adopt a preliminary fiscal year budget no later than the first Monday in May for the following fiscal year, and submit said budget to the President for consideration. SECTION 2: Shall Congress fail to adopt a final fiscal year budget prior to the start of each fiscal year, which shall commence on October 1 of each year, and shall the President fail to sign said budget into law, an automatic, across-the-board, 5 percent reduction in expenditures from the prior year’s fiscal budget shall be imposed for the fiscal year in which a budget has not been adopted. SECTION 3: Total outlays of the United States Government for any fiscal year shall not exceed its receipts for that fiscal year. SECTION 4: Total outlays of the United States Government for each fiscal year shall not exceed 17.5 percent of the Nation’s gross domestic product for the previous calendar year. SECTION 5: Total receipts shall include all receipts of the United States Government but shall not include those derived from borrowing. Total outlays shall include all outlays of the United States Government except those for the repayment of debt principal. SECTION 6: Congress may provide for a one-year suspension of one or more of the preceding sections in this Article by a three-fifths vote of both Houses of Congress, provided the vote is conducted by roll call and sets forth the specific excess of outlays over receipts or outlays over 17.5 percent of the Nation’s gross domestic product. SECTION 7: The limit on the debt of the United States held by the public shall not be increased unless three-fifths of both Houses of Congress shall provide for such an increase by roll call vote. SECTION 8: This Amendment shall take effect in the fourth fiscal year after its ratification. Levin, Mark R. (2013-08-13). The Liberty Amendments: Restoring the American Republic (pp. 73-74). Threshold Editions. Kindle Edition.
Posted on: Tue, 03 Sep 2013 16:06:08 +0000
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