H.J.RES.40: Proposing an amendment to the Constitution of the United States to restrict annual deficits by limiting the public debt of the United States and requiring a favorable vote of the people on any law to exceed such limits.

Constitutional Amendment - Prohibits the public debt from increasing by more than one percent each year unless authorized by a law approved by a majority of the Members of the Senate and the House of Representatives. Requires such law to be approved by a majority vote of the electorate before it takes effect. Declares that such prohibition does not apply to public debt contracted to: (1) repel invasion of the United States; (2) defend the...

(Source: Library of Congress)