There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/04/1995)

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 two-thirds vote of both Houses authorizes a specific excess.

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