Representative Louie Gohmerts “Balanced Budget Amendment” = National Suicide.
section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year.
“section 2. Total outlays for any fiscal year shall not exceed 17.5 percent of economic output of the United States.
“section 3. The limit on the debt of the United States held by the public shall not be increased unless three-fourths of the whole number of each House shall provide by law for such an increase by a rollcall vote.
“section 4. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which total outlays do not exceed total receipts. The President’s failure to transmit to the Congress a balanced budget will be considered an impeachable offense, except in emergency situations as described in section 6, in which case the President may submit a nonbalanced budget under the procedures described in those sections.
“section 5. A bill to increase revenue shall not become law unless three-fourths of the whole number of each House shall provide by law for such an increase by a rollcall vote.
“section 6. The Congress may waive all the provisions of this article for any fiscal year in which a declaration of war is in effect. All the provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. Any such waiver must identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict.
“section 7. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.
“section 8. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.
“section 9. This article shall take effect beginning with the third fiscal year beginning after its ratification.”.