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

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Introduced in House (02/05/1997)

Constitutional Amendment - Prohibits Federal outlays of operating funds from exceeding receipts to such funds for any fiscal year plus any operating fund balances carried over from previous fiscal years.

Waives such prohibition: (1) when a declaration of war is in effect; (2) when the United States by law is engaged in military conflict; or (3) if economic growth has been or will be negative for two consecutive quarters.

Requires the President to propose a budget in accordance with this Act.

Declares that total receipts exclude those derived from net borrowing. Declares that total outlays shall exclude those for repayment of debt principal and for capital investments in physical infrastructure that provide long-term economic returns, but shall include an annual debt servicing charge. Provides that the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall not be counted as receipts or outlays.

Requires this article to take effect beginning with the later of FY 2002 or the second fiscal year beginning after its ratification.