Protecting America's Solvency Act of 2013 - Increases the public debt limit by $1 trillion, effective upon adoption by the Congress of a balanced budget constitutional amendment in accordance with the requirements of this Act. Increases the public debt limit by an additional $1 trillion, effective upon ratification of such amendment.
Requires such a balanced budget amendment to provide, among other things, that: (1) total outlays of the United States (except those for repayment of debt principal) for any fiscal year shall not exceed total receipts (except those derived from borrowing) for that fiscal year; (2) this fiscal year deficit prohibition may be suspended by a majority of the membership of both houses of Congress in the event of a congressionally declared war, or by 4/5 of the membership of Congress for any other fiscal year; (3) the President, in specified circumstances, shall have discretion to take necessary steps to ensure total outlays for that fiscal year do not exceed total receipts; (4) any Member of Congress, state governor, or state attorney general shall have standing and a cause of action to seek judicial enforcement of the amendment; and (5) after ratification of the amendment its requirements shall be phased in according to a specified schedule.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 443 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 443
To increase the statutory limit on the public debt by $1 trillion upon
the adoption by Congress of a balanced budget Constitutional amendment
and by an additional $1 trillion upon ratification by the States of
that amendment.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 1, 2013
Mr. Brooks of Alabama (for himself, Mr. Bachus, Mr. Jones, and Mr.
Southerland) introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To increase the statutory limit on the public debt by $1 trillion upon
the adoption by Congress of a balanced budget Constitutional amendment
and by an additional $1 trillion upon ratification by the States of
that amendment.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Protecting America's Solvency Act of
2013''.
SEC. 2. INCREASE IN THE STATUTORY LIMIT ON THE PUBLIC DEBT.
(a) Adoption.--Effective upon the adoption by the Congress of a
balanced budget Constitutional amendment with the provisions described
in section 3 below, the statutory limit on the public debt set forth in
section 3101(b) of title 31, United States Code, is increased by $1
trillion.
(b) Ratification.--Effective upon the ratification by the States of
the balanced budget Constitutional amendment with the provisions
described in section 3 below, the statutory limit on the public debt
set forth in section 3101(b) of title 31, United States Code, is
increased by an additional $1 trillion.
SEC. 3. REQUIRED PROVISIONS OF A BALANCED BUDGET CONSTITUTIONAL
AMENDMENT.
A balanced budget Constitutional amendment, to comply with the
requirements of section 2 above, must include the following provisions:
(1) Total outlays of the United States for any fiscal year
shall not exceed total receipts for that fiscal year. Total
receipts shall include all receipts of the United States except
those derived from borrowing. Total outlays shall include all
outlays of the United States except those for repayment of debt
principal. The United States shall have no fiscal year deficits
except pursuant to the terms of the amendment.
(2) The fiscal year deficit prohibition described herein
may be suspended by a majority of the membership of both Houses
of Congress, by roll call vote, for any fiscal year in which
the United States is actively engaged in military conflict
pursuant to a war declared by Congress pursuant to article I,
section 8, or may be suspended by four-fifths of the membership
of Congress, by roll call vote, for any other fiscal year.
(3) In any fiscal year in which Congress does not suspend
the amendment pursuant to its terms and in which total outlays
will or may exceed total receipts, the President shall take
such steps as are necessary to ensure total outlays for that
fiscal year do not exceed total receipts. The President may not
order any increase in taxes or other revenue measures to
enforce the amendment. A President's failure to prevent a
prohibited fiscal year deficit is an impeachable offense.
(4) Any Member of Congress and any Governor or attorney
general of any State shall have standing and a cause of action
to seek judicial enforcement of the amendment. No court of the
United States or of any State may order any increase in taxes
or other revenue measures to prevent or reduce fiscal year
deficits.
(5)(A) The amendment shall be phased-in beginning with the
first fiscal year commencing six or more months after
ratification of the amendment by the States.
(B) Within three months after ratification, the President
shall calculate the total outlays, the total receipts, and the
resulting deficit of the United States for the fiscal year in
which the amendment was ratified. This deficit is the ``Base
Deficit''.
(C) Fiscal year deficits shall be phased out as follows:
(i) The deficit for the first fiscal year
commencing 6 or more months after ratification by the
States of the amendment shall not exceed 80 percent of
the Base Deficit.
(ii) The deficit for the first fiscal year
commencing 18 or more months after ratification by the
States of the amendment shall not exceed 60 percent of
the Base Deficit.
(iii) The deficit for the first fiscal year
commencing 30 or more months after ratification by the
States of the amendment shall not exceed 40 percent of
the Base Deficit.
(iv) The deficit for the first fiscal year
commencing 42 or more months after ratification by the
States of the amendment shall not exceed 20 percent of
the Base Deficit.
(v) There shall be no deficit for any fiscal year
commencing 54 or more months after ratification by the
States of the amendment.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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