Constitutional Amendment - States that on or before the fifteenth day after the beginning of each regular session of the Congress the…

Official title: A joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget.

Constitutional Amendment - States that on or before the fifteenth day after the beginning of each regular session of the Congress the President shall transmit to the Congress a budget which shall set forth separately: (1) his estimate of the receipts of the Government, other than trust funds, during the ensuing fiscal year under the laws then existing; (2) his recommendations with respect to outlays to be made from funds other than trust funds during such ensuing fiscal year; and (3) if such recommendations exceed such estimate, a surtax rate which the President determines to be necessary to be applied with respect to the income tax of taxpayers to those portions of taxable years of taxpayers occurring during such fiscal year, so that such receipts will equal such outlays. Provides that during the first quarter of each fiscal year, and during the third quarter of each fiscal year, the Speaker of the House of Representatives shall: (1) estimate the receipts of the Government, other than trust funds, during such fiscal year; (2) estimate outlays to be made from funds other than trust funds during such fiscal year; and (3) (A) if such estimate of outlays exceeds such estimate of receipts, determine a surtax rate which the Speaker considers necessary to be applied, with respect to the income tax of taxpayers, to those portions of taxable years of taxpayers remaining in such fiscal year, so that such receipts will equal such outlays; or (B) if such estimate of outlays equals such estimate of receipts, determine that no surtax rate is necessary to be applied. Provides that, during the last month of each fiscal year, the President shall review whether the receipts of the Government, other than trust funds, for such year will be less than the outlays for that fiscal year. States that if he finds that such receipts are going to be less than such outlays, he shall determine a surtax rate which he considers necessary to be applied with respect to the income tax of taxpayers, so that taxes received by the Government from such surtax, when added to other receipts of the Government, will equal such outlays. Requires that such surtax shall be effective, and so applied, as determined by the President only during the next succeeding fiscal year.