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.

Summary

Constitutional Amendment - Requires that prior to each fiscal year, the Congress and the President agree on an estimate of total receipts for that fiscal year by enactment into law of a joint resolution. Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each House, authorizes a specific excess of outlays over receipts. Requires that the Congress provide by law for the repayment in the ensuing fiscal year of outlays that exceed actual receipts for a given year. Requires a three-fifths rollcall vote of each House to increase the public debt limit. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House by rollcall vote. Authorizes waivers of these provisions when a declaration of war is in effect.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 January 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 7 January 2003

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• Introduced in House

  summary · EN · 7 January 2003

  Open at official source

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