A joint resolution proposing an amendment to the Constitution of the United States to limit the expenditure of Government funds for any fiscal year to the projected revenue of the Government for that year and to limit the outstanding debt of the United States to thirty percent of the projected gross national product.

Summary

Constitutional Amendment - Prohibits total Federal expenditures from exceeding estimated revenues during any fiscal year. Prohibits the total outstanding debt of the United States from exceeding 30 percent of the gross national product. Suspends such prohibitions during a declared war or upon the adoption of a joint resolution, approved by the President, stating that a national emergency so requires. Permits expenditures to exceed revenues in any fiscal year for which the Congress projects a real growth rate of the economy of less than three percent. Requires any resulting deficit to be extinguished within five fiscal years.

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

Timeline

No timeline events have been ingested for this record yet.

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 · 22 February 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.