Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement for that year in which total outlays are…
Official title: A joint resolution proposing an amendment to the Constitution relating to a Federal budget and tax limitation.
This bill died when its Congress ended.
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Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement for that year in which total outlays are not greater than total receipts. Permits the Congress, by a three-fifths vote of each House, to provide for a specific excess of outlays over receipts in such statement. Prohibits actual outlays from exceeding the outlays set forth in such statement. Prohibits total receipts in such statement from increasing by a rate greater than the increase in national income in the previous year, unless a bill directed solely to approving specific additional receipts is enacted. Permits the Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect.
Filed in the Senate
This senate joint resolution has been filed and is working its way through Congress. It will need to pass both the Senate and the House, then be signed by the President to become law.
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