Bill summaries are authored by CRS.

Shown Here:
Failed of passage in House (03/17/1994)

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year 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 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 a military conflict which poses a threat to national security as declared by a joint resolution adopted by a majority of each House.

Makes this amendment effective beginning with FY 2001 or the second fiscal year after its ratification, whichever is later.