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 Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such 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 states that such expenditures shall never exceed receipts by more than ten percent. Provides that during the fourth fiscal year beginning after the ratification of this amendment and for the next 19 succeeding fiscal years thereafter, the total receipts of the Government shall exceed outlays by an amount equal to five percent of the Federal indebtedness at the beginning of the fourth fiscal year.

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Timeline

1. 18 January 1979

   Introduced

   Referred to Senate Committee on the Judiciary.

   Source: IntroReferral

2. 18 January 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 January 1979

  Open at official source

Sponsors

• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Morgan, Robert B. [D-NC] · D · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• Sen. Laxalt, Paul D. [R-NV] · R · Cosponsor
• · ssju00 · Standing

Related records

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