A joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget, the limitation of expenditures and the reduction of the public debt.

Summary

Constitutional Amendment - Prohibits expenditures in any fiscal year, except for expenditures for the repayment of debt, from exceeding revenues collected in that year or one-fifth of the average gross national product for the previous three years. Permits borrowing for capital expenditures for a period of time proportionate to their probable usefulness. Directs Congress to provide by law for the repayment of the national debt. Allows this amendment to be suspended for any fiscal year whenever two-thirds of both Houses shall deem it necessary.

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

Timeline

1. 20 March 1979

   Introduced

   Introduced in House

   Source: IntroReferral

2. 20 March 1979

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 March 1979

   Introduced

   Referred to House Committee on the Judiciary.

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 20 March 1979

  Open at official source

Sponsors

• Rep. McClory, Robert [R-IL-13] · R · Sponsor
• Rep. Hyde, Henry J. [R-IL-6] · R · Cosponsor
• Rep. Bafalis, L. A. (Skip) [R-FL-10] · R · Cosponsor
• Rep. Whitehurst, G. William [R-VA-2] · R · Cosponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Cosponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Cosponsor
• · hsju00 · Standing

Related records

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