Bill summaries are authored by CRS.

Shown Here:
Failed of passage in House (06/11/1992)

Constitutional Amendment - Prohibits total outlays for any fiscal year (except those derived from borrowing) from exceeding total receipts (except those for repayment of debt principal) unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over 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. Waives these provisions when the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution adopted by a majority of the whole number of each House, which becomes law.

Directs the Congress to enforce and implement this article by appropriate legislation which may rely on estimates of outlays and receipts.

Makes this article effective beginning with FY 1998 or with the second fiscal year after its ratification, whichever is later.