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

Shown Here:
Introduced in House (01/07/2003)

Constitutional Amendment - Requires that prior to each fiscal year, the Congress and the President agree on an estimate of total receipts for that fiscal year by enactment into law of a joint resolution.

Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each House, authorizes a specific excess of outlays over receipts.

Requires that the Congress provide by law for the repayment in the ensuing fiscal year of outlays that exceed actual receipts for a given year.

Requires a three-fifths rollcall vote of each House to increase the public debt limit.

Directs the President to submit a balanced budget to Congress annually.

Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House by rollcall vote.

Authorizes waivers of these provisions when a declaration of war is in effect.