Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government.

Summary

Constitutional Amendment - Prohibits Federal outlays of operating funds from exceeding receipts to such funds for any fiscal year plus any operating fund balances carried over from previous fiscal years. Waives such prohibition: (1) when a declaration of war is in effect; (2) when the United States by law is engaged in military conflict; or (3) if economic growth has been or will be negative for two consecutive quarters. Requires the President to propose a budget in accordance with this Act. Declares that total receipts exclude those derived from net borrowing. Declares that total outlays excludes those for repayment of debt principal and for capital investments in physical infrastructure that provide long-term economic returns but includes an annual debt servicing charge. Provides that the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall not be counted as receipts or outlays.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 January 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 9 January 1995

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 January 1995

  Open at official source

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