Summary: H.J.Res.55 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.J.Res.55. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/18/1995)

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless a three-fifths vote of both Houses authorizes a specific excess.

Directs the President to submit a balanced budget.

Waives these provisions when a declaration of war is in effect or when the United States by law is engaged in military conflict.

Declares that total receipts do not include receipts (including attributable interest) of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, or any successor funds. Declares that total outlays do not include outlays for disbursements of such trust funds.

Sets a permanent limit on the amount of Federal public debt, prohibiting any increase unless legislation enacted by a three-fifths majority of both Houses becomes law.

Requires roll call votes in the House and Senate under this amendment.