Fiscal Responsibility Act of 1980

Summary

Fiscal Responsibility Act of 1980 - Title I: To Discourage Taxflation by Requiring an Affirmative Vote of Congress before Tax Receipts Increase as a Percentage of Gross National Product - Amends the Congressional Budget Act of 1974 to require a separate vote of approval in both the House of Representatives and the Senate if any concurrent resolution on the budget sets forth a level of tax receipts, which, expressed as a percentage of the gross national product, exceeds the previous fiscal year's tax level. Title II: To Require Approval by Three-Fifths of the Members of the House of Representatives and the Senate of any Budget which Provides for a Deficit - Amends the Congressional Budget Act of 1974 to require the completion of action on the total budgetary figures contained in a concurrent resolution on the budget before any amendment to the amounts listed under the functional categories may be considered. Requires a three-fifths vote in both the House and Senate to adopt any budget resolution which recommends a deficit. Title III: To Require the President to Submit a Balanced Budget in which neither Expenditures nor Revenues Exceed 21 Percent of the Gross National Product - Amends the Budget and Accounting Act, 1921, to limit the estimates of Federal expenditures and receipts contained in the President's budget to 21 percent of the gross national product. Requires the President's budget to be balanced. Authorizes the President to submit an alternate budget to the Congress which is not balanced provided it remains within such spending and revenue limitations.

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1 official file

• Introduced in Senate

  summary · EN · 4 March 1980

  Open at official source

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