A resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Summary

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such fiscal year. States that by the fourth fiscal year after the ratification of this amendment the budget shall be balanced. Permits expenditures to exceed national revenues in time of declared emergency, but states that such expenditures shall never exceed receipts by more than ten percent. Provides that during the fifth fiscal year beginning after the ratification of this amendment and for the next 19 succeeding fiscal years thereafter, the total receipts of the Government shall exceed outlays by an amount equal to five percent of the Federal indebtedness at the beginning of the fifth year fiscal year.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 October 1978

   Introduced

   Referred to House Committee on the Judiciary.

   Source: IntroReferral

2. 5 October 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 October 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 October 1978

  Open at official source

Sponsors

• Rep. Jacobs, Andrew, Jr. [D-IN-10] · D · Sponsor
• Rep. Ambro, Jerome A. [D-NY-3] · D · Cosponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Cosponsor
• Rep. Murphy, Austin J. [D-PA-20] · D · Cosponsor
• Rep. Panetta, Leon [D-CA-16] · D · Cosponsor
• Rep. Ruppe, Philip E. [R-MI-11] · R · Cosponsor
• Rep. Stockman, David A. [R-MI-4] · R · Cosponsor
• Rep. Vanik, Charles A. [D-OH-22] · D · Cosponsor
• Rep. Holland, Kenneth L. [D-SC-5] · D · Cosponsor
• · hsju00 · Standing

Related records

• related to → Joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.