Constitutional Amendment - Prohibits, except in time of war, Federal fiscal year expenditures from exceeding: (1) Federal revenues (except…
Official title: A joint resolution proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by the Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 per centum of the gross national product of the United States during the previous calendar year.
This bill died when its Congress ended.
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Constitutional Amendment - Prohibits, except in time of war, Federal fiscal year expenditures from exceeding: (1) Federal revenues (except those derived from borrowing) for that fiscal year; and (2) 20 percent of the gross national product for the preceding calendar year. Authorizes the Congress to suspend these prohibitions by concurrent resolution.
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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