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

Summary

Constitutional Amendment - Directs the Congress, in exercising its powers, to assure that total fiscal year Federal outlays do not exceed receipts and that Federal indebtedness is eliminated. Presents a mandatory three fiscal year timetable for achieving a balanced budget, permitting a ten percent receipt to outlay deficit during the first fiscal year after ratification, and decreasing the permissible deficit by five percent for the succeeding two fiscal years, until a totally balanced budget is achieved. Permits waiver of these balanced budget requirements (not to exceed a ten percent receipt to outlay deficit) in times of national emergency, but only by rollcall vote of three-fourths of the total membership of both Houses. Requires a surplus budget with total Government receipts exceeding outlays by two and one-half percent of Federal indebtedness during the 40 fiscal years following achievement of a balanced budget. Applies the surplus to eliminating Federal indebtedness. Permits a waiver under emergency circumstances.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

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