Amends the Congressional Budget Act of 1974 to limit the level of total budget outlays and Federal revenues in any concurrent resolution on the budget to 18 percent of the gross national product by fiscal year 1984. Allows exceptions to such limitation in national emergencies declared by a two-thirds vote of both Houses of Congress.
Sets forth the following provisions governing the consideration of any concurrent resolution on the budget that carries a deficit beginning in fiscal year 1982: (1) approval requires a two-thirds vote of both Houses; (2) such resolution will be considered out of order if a deficit existed in any of the preceding four years; and (3) such deficit must be cancelled within two fiscal years.
Introduced in Senate
Read second time and referred to Senate Committee on Budget by unanimous consent jointly, pursuant to the order of August 4, 1977.
Read second time and referred to Senate Committee on Governmental Affairs by unanimous consent jointly, pursuant to the order of August 4, 1977.
Committee on Governmental Affairs requested executive comment from GAO; CBO; OMB; Council of Economic Advisers, Treasury Department; Advisory Commission on Intergovernmental Relations.
Committee on Governmental Affairs received executive comment from OMB.
Committee on Budget. Hearings held.
Committee on Budget. Hearings held.
Committee on Budget. Hearings held.
Committee on Budget. Hearings held.
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