Constitutional Amendment - Prohibits Federal outlays of operating funds from exceeding receipts to such funds for any fiscal year.
Waives such prohibition: (1) when a declaration of war is in effect; (2) when the United States by law is engaged in military conflict; or (3) if economic growth has been or will be negative for two consecutive quarters.
Requires the President to propose a budget in accordance with this Act.
Provides that the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall not be counted as receipts or outlays.
Introduced in House
Introduced in House
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Economic and Commercial Law.
See H.J.Res.103.
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