A joint resolution proposing an amendment to the Constitution relating to a Federal budget and tax limitation.

Summary

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement for that year in which total outlays are not greater than total receipts. Permits the Congress, by a three-fifths vote of each House, to provide for a specific excess of outlays over receipts in such statement. Prohibits actual outlays from exceeding the outlays set forth in such statement. Prohibits total receipts in such statement from increasing by a rate greater than the increase in national income in the previous year, unless a bill directed solely to approving specific additional receipts is enacted. Permits the Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 January 1987

  Open at official source

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