A bill to amend the Congressional Budget Act of 1974 to require that the public debt be paid within a period of 20 years and that the level of total budget outlays for any fiscal year not exceed the level of Federal revenues for such year, and for other purposes.

Summary

Amends the Congressional Budget Act of 1974 to require that the level of total budget outlays not exceed the level of Federal revenues for any fiscal year. Requires the public debt, beginning with fiscal year 1981, to be reduced by five percent per year, and provides that the public debt after fiscal year 2001 shall be zero. Prohibits Congress from considering or adopting any concurrent resolution on the budget which fails to meet these requirements. Amends the Budget and Accounting Act to require the Presidential Budget to take into account the requirements set forth in this Act.

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Timeline

1. 14 October 1978

   Introduced

   Referred to House Committee on Government Operations.

   Source: IntroReferral

2. 14 October 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 October 1978

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 14 October 1978

  Open at official source

Sponsors

• Rep. McKinney, Stewart B. [R-CT-4] · R · Sponsor
• · hswm00 · Standing
• · hsru00 · Standing
• · hsgo00 · Standing

Related records

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