A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Summary

Constitutional Amendment - Requires the Congress to assure that the total outlays of the Government do not exceed its total receipts during any fiscal year. Provides for the phased implementation of this requirement after the ratification of this amendment. Permits expenditures to exceed national revenues in time of national emergency, but never by more than ten percent. Provides that during the fourth fiscal year beginning after the ratification of this amendment and for the 39 succeeding fiscal years, the total receipts of the Government shall exceed outlays by an amount equal to two and a half percent of the Federal indebtedness at the beginning of the fourth fiscal year. Requires the elimination, within three fiscal years, of any indebtedness incurred as a result of a national emergency.

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 · 7 January 1987

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.