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.

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

Timeline

1. 3 January 1989

   Introduced

   Referred to the House Committee on Judiciary.

   Source: IntroReferral

2. 3 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 March 1989

   Referred

   Referred to the Subcommittee on Economic and Commercial Law.

   Source: Committee

5. 17 July 1990

   Committee

   For Further Action See H.J.Res.268.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

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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Sponsors

• Rep. Jacobs, Andrew, Jr. [D-IN-10] · D · Sponsor
• · hsju00 · Standing

Related records

• related to ← Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.