Balanced Budget Amendment Proposal

United States Senate
Washington, D.C. 20510

U.S. House of Representatives
Washington, DC 20515

Balanced Budget Amendment

Section 1.

Beginning with the fiscal year after ratification, the Congress and the President of the United States shall balance the general budget excluding any Social Security excess. The Social Security excess, if any, in accordance with the Social Security Act of 1935, shall be invested in government bonds, at par or market price, but not to balance the general budget. Government bonds are prohibited from being issued to balance the budget except in the cases noted in Section 4.

Section 2.
Any excess invested shall be kept in an account at the Treasury until the following fiscal year and refunded to taxpayers equally. Congress shall provide a decrease or an increase in the Social Security tax as follows: decreases shall be provided across all taxpayers. Increases shall be funded by increasing the ceiling on which Social Security taxes may be imposed. No more than a rate of 14\%, equally divided among the taxpayer and his employer, shall be imposed.

Section 3.

The President of the United States shall not propose a budget to the Congress that is not balanced in the general fund.

Section 4.

The only exemption to the general budget being balanced is in the case of war or economic distress. Economic distress is to be determined by a United States Supreme Court case decision. The case shall be filed and administered by the Solicitor General of the United States supported by the Federal Reserve Board, which would be considered a recession or a depression. A Declaration of War issued by the United States Congress or the execution of the War Powers Act will serve as a wartime exemption.

Section 5.

Any United States citizen may bring suit against the United States Congress under the purview of the United States Supreme Court, which shall not refuse the case, to enforce this Amendment. The United States Supreme Court will deem the budget unconstitutional and nullify all spending bills if exemptions in Section 4 are not equivocal. The court shall issue its ruling with 60 days from the argument of the case, which shall be heard within 60 days of filing.

Sincerely,