Jon Roland on Budget & Economy Former 2008 Libertarian Senate Challenger

Expenditures backed only by debt are unconstitutional

1. This Act may be cited as the 'Spending and Borrowing Reform Act'.
2. FINDINGS: The Congress finds that expenditures backed only by debt are unconstitutional.
3. ENACTMENT:
   • No appropriation or authorization of expenditures or indebtedness, for any department, shall exceed revenues in the form of taxes, fees, or gifts for the current fiscal year, appropriated to that department, except during a declared state of war.
   • No revenue or loan shall be accepted or payment made in a form that is not convertible to a number of megajoules of energy fixed by statute.
   • Upon enactment every budget item shall be set to zero, but with a rule that this act is then open to amendment of each item, in increments not to exceed the equivalent of $1 billion, each of which shall require a recorded vote, with a minimum of two hours between increments of the same budget item, increasing to one week when the total budget shall exceed 80% of projected revenues from taxes.

Return to gold and silver currency standard