Summary: H.J.Res.321 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.J.Res.321. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/17/1987)

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to agree, by enactment of a joint resolution, on an estimate of total receipts for that fiscal year. Prohibits outlays for that year from exceeding such estimated receipts unless the Congress, by a three-fifths rollcall vote of each House, provides for a specific excess of outlays over receipts.

Requires the Congress, whenever actual outlays exceed actual receipts for any fiscal year, to provide by law for the repayment of such excess in the ensuing fiscal year. Requires a three-fifths rollcall vote of each House to increase the public debt.

Directs the President to submit to the Congress a proposed budget for each fiscal year in which total outlays do not exceed total receipts.

Requires the approval by a majority of the total membership of each House by rollcall vote before any bill to increase revenue may become law.

Waives this article for 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.