"Rather go to bed without dinner than to rise in debt."
Summary of the People's Balanced Budget Amendment:
- The budget will be balanced in 7 years.
- The deficit will be reduced by 1/7th each year after the passage.
- After the budget is balanced, Congress can spend no more than the average income of the previous 3 years.
- Congress can declare an emergency for any reason with a two-thirds majority vote.
- Section 1 reduces the United States Debt in times of economic growth.
The People's Balanced Budget Amendment:
SECTION 1. Total outlays for a year shall not exceed the average annual revenue collected in the three prior years, adjusted in proportion to changes in population and inflation. Total outlays shall include all outlays of the United States except those for payment of debt, and revenue shall include all revenue of the United States except that derived from borrowing.
SECTION 2. Two-thirds of each House of Congress may by roll call vote declare an emergency and provide by law for specific outlays in excess of the limit in section 1. The declaration shall specify reasons for the emergency designation and shall limit the period in which outlays may exceed the limit in section 1 to no longer than one year.
SECTION 3. All revenue in excess of outlays shall reduce the debt of the United States. Upon the retirement of such debt, revenue in excess of outlays shall be held by the Treasury to be used as specified in section 2.
SECTION 4. The Congress shall have power to enforce and implement this article by appropriate legislation.
SECTION 5. This article shall take effect in the first year beginning at least 90 days following ratification, except that outlays shall not surpass the sum of the limit described in section 1 and the following portion of the prior year's outlays exceeding that limit (excepting emergency outlays as provided for in section 2): six-sevenths in the first year, five-sixths in the second, four-fifths in the third, three-fourths in the fourth, two-thirds in the fifth, one-half in the sixth, and the limit shall bind in the seventh year and thereafter.