Bill summaries are authored by CRS.

Shown Here:
Failed of passage in House (07/17/1990)

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to establish an estimate of total receipts (except those derived from borrowing) for that fiscal year by enactment of a law devoted solely to that subject. Prohibits outlays for that year (except those for repayment of debt principal) from exceeding this amount unless the Congress, by a three-fifths roll call vote of each House, shall provide for a specific excess of outlays over estimated receipts.

Requires a three-fifths roll call vote of each House to increase the public debt.

Directs the President to submit a balanced budget to the Congress.

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

Waives these provisions when a declaration of war is in effect.

Makes this article effective beginning with FY 1995 or with the second fiscal year after its ratification, whichever is later.