A joint resolution proposing an amendment to the Constitution of the United States relative to balancing of the budget and reducing the public debt.

Summary

Constitutional Amendment - Directs the President to estimate the level of Federal receipts for the ensuing fiscal year at the beginning of each regular session of Congress. Prohibits the Congress from authorizing outlays which exceed such estimate during the ensuing fiscal year. States that beginning with the fifth fiscal year after the effective date of this amendment, and for each of the succeeding 20 fiscal years, five percent of the receipts of the Government shall be available only to reduce the public debt. Authorizes suspension of such requirements for one year in time of war or grave national emergency upon the concurrence of three-fourths of the Members of both Houses of Congress.

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 Senate

  summary · EN · 18 January 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.