,,iv #aaeth ,,congress #ast ,session ,h4 ,,con4 ,,res4 #gc ,,in ,,the ,,house ,,of ,,representatives ,july #bf1 #bjag,mr4 ,messer 7for himself1 ,mr4 ,cramer1 ,mr4 ,harper1 and ,mr4 ,jody ,b4 ,hice of ,georgia7 submitted the following concurrent resolution2 which was referred to the ,committee on the ,judiciary ,,concurrent ,,resolution ,effectuating the ,compact for a ,balanced ,budget4 #a4 ,concurrent resolution to effectuate the ,compact for a ,balanced ,budget 7a7 ,declaration ,the ,congress determines and declares that this concurrent resolution calls the ,convention contemplated by the ,compact for a ,balanced ,budget under article ,v of the ,united ,states ,constitution1 and refers for ratification the ,balanced ,budget ,amendment contemplated by the ,compact for a ,balanced ,budget4 7b7 ,table of contents ,the table of contents for this resolution is as follows3 ,sec4 #a4 ,concurrent resolution to effectuate the ,compact for a ,balanced ,budget4 ,title ,i--,concurrent ,resolution ,prospectively ,calling ,convention ,contemplated by ,compact for a ,balanced ,budget ,sec4 #aja4 ,effective date4 ,sec4 #ajb4 ,convention call4 ,sec4 #ajc4 ,termination date4 ,title ,,ii--,concurrent ,resolution ,prospectively ,referring the ,balanced ,budget ,amendment to ,state ,legislatures for ,ratification ,sec4 #bja4 ,effective date4 ,sec4 #bjb4 ,referral to legislatures of the several ,states for ratification4 ,i ,concurrent ,resolution ,prospectively ,calling ,convention ,contemplated by ,compact for a ,balanced ,budget #aja4 ,effective date ,this title does not take effect until ,congress receives sufficient certified conforming copies of the chaptered version of the ,compact for a ,balanced ,budget formed initially by the ,state of ,georgia and the ,state of ,alaska pursuant to #bjad ,georgia ,laws ,act #dge 7,h4,b4 #gid7 and #bjad ,alaska ,laws ,ch4 #ab 7,h4,b4 #bhd71 respectively1 as it may be joined by additional ,states and amended from time to time 7,compact for a ,balanced ,budget71 evidencing that at least three-fourths of the several ,states are ,member ,states of the ,compact for a ,balanced ,budget and have made application thereunder for a convention for proposing amendments under article ,v of the ,united ,states ,constitution4 #ajb4 ,convention call ,upon the effective date of this title1 be it resolved by the ,house of ,representatives of the ,united ,states 7the ,senate concurring71 ,congress hereby calls a convention for proposing amendments under article ,v of the ,united ,states ,constitution in accordance with the ,compact for a ,balanced ,budget4 #ajc4 ,termination date ,if for any reason the convention for proposing amendments under article ,v of the ,united ,states ,constitution contemplated herein has not permanently adjourned within one year from the effective date of this title1 all titles of this resolution shall become null and void ab initio and shall be deemed repealed in its entirety4 ,,ii ,concurrent ,resolution ,prospectively ,referring the ,balanced ,budget ,amendment to ,state ,legislatures for ,ratification #bja4 ,effective date ,this title does not take effect until ,congress receives a certified conforming copy of the ,balanced ,budget ,amendment1 as defined by the ,compact for a ,balanced ,budget and described herein1 evidencing that the convention for proposing amendments under article ,v of the ,united ,states ,constitution organized thereunder has approved and proposed the same for ratification4 #bjb4 ,referral to legislatures of the several ,states for ratification ,upon the effective date of this title1 be it resolved by the ,house of ,representatives of the ,united ,states 7the ,senate concurring71 that the following article has been proposed as an amendment to the ,constitution of the ,united ,states by a convention for proposing amendments under article ,v of the ,united ,states ,constitution1 which 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 ratification3 -- #a4 ,total outlays of the ,government of the ,united ,states shall not exceed total receipts of the ,government of the ,united ,states at any point in time unless the excess of outlays over receipts is financed exclusively by debt issued in strict conformity with this article4 #b4 ,outstanding debt shall not exceed authorized debt1 which initially shall be an amount equal to #aje percent of the outstanding debt on the effective date of this article4 ,authorized debt shall not be increased above its aforesaid initial amount unless such increase is first approved by the legislatures of the several ,states as provided in section #c4 #c4 ,from time to time1 ,congress may increase authorized debt to an amount in excess of its initial amount set by section #b only if it first publicly refers to the legislatures of the several ,states an unconditional1 single subject measure proposing the amount of such increase1 in such form as provided by law1 and the measure is thereafter publicly and unconditionally approved by a simple majority of the legislatures of the several ,states1 in such form as provided respectively by ,state law2 provided that no inducement requiring an expenditure or tax levy shall be demanded1 offered or accepted as a quid pro quo for such approval4 ,if such approval is not obtained within #fj calendar days after referral then the measure shall be deemed disapproved and the authorized debt shall thereby remain unchanged4 #d4 ,whenever the outstanding debt exceeds #ih percent of the debt limit set by section #b1 the ,president shall enforce said limit by publicly designating specific expenditures for impoundment in an amount sufficient to ensure outstanding debt shall not exceed the authorized debt4 ,said impoundment shall become effective #cj days thereafter1 unless ,congress first designates an alternate impoundment of the same or greater amount by concurrent resolution1 which shall become immediately effective4 ,the failure of the ,president to designate or enforce the required impoundment is an impeachable misdemeanor4 ,any purported issuance or incurrence of any debt in excess of the debt limit set by section #b is void4 #e4 ,no bill that provides for a new or increased general revenue tax shall become law unless approved by a two-thirds roll call vote of the whole number of each ,house of ,congress4 ,however1 this requirement shall not apply to any bill that provides for a new end user sales tax which would completely replace every existing income tax levied by the ,government of the ,united ,states2 or for the reduction or elimination of an exemption1 deduction1 or credit allowed under an existing general revenue tax4 #f4 ,for purposes of this article1 debt means any obligation backed by the full faith and credit of the ,government of the ,united ,states2 outstanding debt means all debt held in any account and by any entity at a given point in time2 authorized debt means the maximum total amount of debt that may be lawfully issued and outstanding at any single point in time under this article2 total outlays of the ,government of the ,united ,states means all expenditures of the ,government of the ,united ,states from any source2 total receipts of the ,government of the ,united ,states means all tax receipts and other income of the ,government of the ,united ,states1 excluding proceeds from its issuance or incurrence of debt or any type of liability2 impoundment means a proposal not to spend all or part of a sum of money appropriated by ,congress2 and general revenue tax means any income tax1 sales tax1 or value-added tax levied by the ,government of the ,united ,states excluding imposts and duties4 #g4 ,this article is immediately operative upon ratification1 self-enforcing1 and ,congress may enact conforming legislation to facilitate enforcement4 4