A joint resolution proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.

Summary

Constitutional Amendment - Requires, prior to each fiscal year, that the estimated total receipts for that year be determined by enactment of a law devoted solely to that subject. Prohibits Federal outlays from exceeding estimated receipts in a fiscal year, and prohibits any increase in the public debt limit, unless three-fifths of the whole number of each House of Congress provide for a specific excess of outlays, or for an increase, by rollcall vote. Requires the President to transmit to the Congress before each fiscal year a proposed Federal budget in which total outlays do not exceed total receipts. Prohibits any bill to increase revenue from becoming law unless approved by a majority of the whole number of each House by rollcall vote. Provides for waiver of this Amendment for any fiscal year in which a declaration of war is in effect. Declares that Federal receipts exclude those derived from borrowing and that Federal outlays exclude those for repayment of debt principal.

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Timeline

1. 6 May 1992

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 6 May 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 May 1992

  Open at official source

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Sponsors

• Sen. Craig, Larry E. [R-ID] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• · ssju00 · Standing

Related records

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