H.J.Res. 139
Proposes amendment limiting spending to average prior receipts
Would add a constitutional limit tying most federal spending to the average receipts from the prior three years, adjusted for population and inflation, with exceptions.
- Spending limit excludes debt-payment expenditures and receipts from borrowing
- Congress could allow spending above the limit with a two-thirds roll call vote in each chamber
- In any year a war declaration is in effect, excess spending could be allowed by roll call vote
- New taxes or tax-rate increases would need two-thirds roll call approval; limits start five years after ratification
Failed in the House