A joint resolution proposing an amendment to the Constitution of the United States which provides that the total expenditures of the United States shall not exceed the total amount of revenue (except in time of war or during a period of suspension) and providing that the debt of the United States shall not exceed that amount existing upon ratification of this amendment.

Summary

Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenues received by the United States during such fiscal year. Provides for a suspension of such prohibition during a time of war as declared by Congress or upon approval of a joint resolution approved by three-fifths of the Members of each House of Congress and approved and signed by the President or, if not approved and signed by the President, approved by a vote of two-thirds of the Members of each House of Congress. Declares that any deficit approved pursuant to this article shall be considered money expended by the United States for the first following fiscal year. Requires Congress to provide for a corresponding increase in the level of total revenues if the amount of such deficit exceeds two percent of the level of total expenditures. Prohibits the amount of the debt of the United States from exceeding the amount of such debt on the date of adoption of this article.

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1 official file

• Introduced in House

  summary · EN · 28 January 1981

  Open at official source

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