Budget Deficit Control Act

Summary

Budget Deficit Control Act - Declares it the policy of the Congress to balance the Federal budget annually. Directs the Secretary of the Treasury to determine, during the first quarter of each fiscal year, whether anticipated Federal revenues will cover the level of budget outlays set forth in the concurrent resolution on the budget for such fiscal year. Requires the President, if the Secretary anticipates a deficit, to issue an order sequestering controllable expenditures to effect a pro rata reduction which would balance the budget. Renders such orders effective within 15 days, unless revised or abrogated by the Congress. Sets forth expedited procedures for Congressional review of such orders. Authorizes the Congress, on its own motion or upon request of the President, to suspend the operation of an order which has taken effect.

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1 official file

• Introduced in House

  summary · EN · 25 March 1981

  Open at official source

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