Constitutional Amendment - Requires Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are not greater than total receipts. Permits Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject.
Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless Congress passes a bill directed solely to approving specific additional receipts and such bill has become law.
Requires the President, prior to each fiscal year, to transmit to Congress a proposed statement of receipts and outlays for that year consistent with the provisions of this article.
Permits Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect.
Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.
Introduced in Senate
Read twice and referred to the Committee on Judiciary.
Referred to Subcommittee on Constitution.
Subcommittee on Constitution. Hearings held at Los Angeles, California.
Subcommittee on Constitution. Hearings concluded. Hearings printed: S.Hrg. 98-1084.
Subcommittee on Constitution. Approved for full committee consideration with an amendment favorably.
Committee on Judiciary. Committee consideration and Mark Up Session held.
Committee on Judiciary. Committee consideration and Mark Up Session held.
Committee on Judiciary. Committee consideration and Mark Up Session held.
Committee on Judiciary. Ordered to be reported with amendments favorably.
Committee on Judiciary. Reported to Senate by Senator Thurmond with amendments and an amendment to the title. With written report No. 98-628. Additional and minority views filed.
Committee on Judiciary. Reported to Senate by Senator Thurmond with amendments and an amendment to the title. With written report No. 98-628. Additional and minority views filed.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 1214.
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