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.
Introduced in House
Introduced in House
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Economic and Commercial Law.
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