Balanced Federal Budget

Text of proposed

BALANCED FEDERAL BUDGET AMENDMENT

ARTICLE 28 (or alternate number to be assigned by Congress)

Section 1.  It is the right of citizens to enjoy a fiscally sound and debt free federal government which is foundational to a free people and must not be violated by the State. 

Section 2.  It is hereby mandated that the United States Congress will conduct the fiscal affairs of the United States Government according to the requirements of this Article.

Section 3.  A Balanced Federal Budget consists of accurately assigning the sum of all federal receipts (which includes all tax revenues and all other sources of government income) to pay for all Federal expenditures within the current year and with the mandate not to allow expenditures to exceed revenue and income.  The following exceptions apply:

1. In time of war or national emergency the United States Congress can authorize expenditures to exceed income and revenue as is required to protect the interests and security of the United States and its citizens.  However, the United States Congress is required to amortize the repayment of any debt incurred over a maximum of ten years from the end of the war or national emergency. The United States Congress is prohibited from extending the repayment of the debt beyond ten years which includes the repayment of monies borrowed and any interest and other costs that may have accrued in order to service said debt.  Congress can repay the debt, in full, in less than ten years, but must pay no less than 1/10^th of the original amount owed by the Government, including interest and other costs, in each remaining year of the ten year term, unless the balance is less than 1/10^th of the original amount. 
2. The United States Congress is authorized to allow expenditures to exceed revenues and income when in the collective wisdom of two thirds of the members of both Houses of the United States Congress it is necessary to do so.  However, the United States Congress is required to amortize the repayment of any debt incurred over a maximum of five years from the date said debt was authorized by Congress. The United States Congress is prohibited from extending the repayment of said debt beyond five years which includes the repayment of monies borrowed and any interest and other costs that may have accrued in order to service said debt.  Congress can repay the debt, in full, in less than five years, but must pay no less than 1/5^th of the original amount owed by the Government, including interest and other costs, in each remaining year of the five year term, unless the balance is less than 1/5^th of the original amount. 

Section 4.  The United States Congress is prohibited from taking any debt that may remain from previous year deficits and include it as part of a new deficit expenditure in current or future years.  The repayment of any previous years debt, as defined in Section 3.1, Section 3.2, and Section 6., is a Federal  expenditure to be repaid as part of a balanced Federal budget in a current year and/or future year(s) as mandated in Section 3. above. 

Section 5.  It is further prohibited for the United States Congress to extend the repayment of any and all debt incurred beyond the time lines required in this Article.

Section 6.  All current debt owed by the United State Government at the time this Article is ratified, including accrued interest and other costs to service said debt, must be repaid by the United States Congress within 20 years from the date this Article is ratified by the several States.  Congress can repay the current debt, in full, in less than twenty years, but must pay no less than 1/20^th of the original amount owed by the Government, including interest and other costs, in each remaining year of the 20 year term, unless the balance is less than 1/20^th of the original amount. 

Section 7.  To secure the rights of citizens to enjoy a fiscally sound and debt free federal government, which is foundational to a free people, it is hereby prohibited for the United States Congress to allow federal expenditures to exceed federal revenue and income, in any given year, as mandated by the requirements and allowances of this Article.  This Article further mandates that the Speaker of the House and the Majority Leader in the Senate along with all other members in either House who intentionally obstruct the annual balancing of the Federal Budget as defined in this Article will have committed an impeachable offense. 

Section 8.  This Article shall be immediately enforceable upon the United States Congress when ratified by three quarters of the several States. 

To download a copy of the following Documents: 

1. Covering Letter explaining the strategy Citizen Initiatives is advancing to amend the United States Constitution with the Balanced Federal Budget Amendment through State Legislatures; 

2. Sample State Resolution Calling for a Balanced Federal Budget Amendment Convention;

3. Addendum Agreement between the Calling States to limit the authority of the Delegates at the Convention.

Go to: Balanced Federal Budget Amendment Documents.

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