Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for retirement trust funds or repayment of debt principal) from exceeding receipts (except those derived from borrowing or retirement trust funds), unless three-fifths of both Houses of Congress provide for a specific excess. Directs the President, prior to each fiscal year, to transmit to the Congress a proposed budget in which outlays do not exceed receipts.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 718.
Motion to reconsider laid on the table Agreed to without objection.
Introduced in House
Introduced in House
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Economic and Commercial Law.
For Further Action See H.J.Res.268.
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