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

Shown Here:
Introduced in House (06/20/1974)

Constitutional Amendment - Stipulates that on or before the fifteenth day after the beginning of each regular session of the Congress, the President shall transmit to the Congress a budget which shall set forth separately: (1) his estimate of the receipts of the Government, other than receipts of trust funds, during the ensuing fiscal year under the laws then existing, and his recommendations with respect to expenditures to be made by the Government, other than expenditures from trust funds, during such ensuing fiscal year, which shall not exceed his estimate of such receipts; and (2) his estimate of the receipts of Government trust funds during such ensuring fiscal year under the laws then existing, and his estimate and recommendations with respect to expenditures from such trust funds during such ensuing fiscal year.

Provides that on or before the last day of the second month following the close of each fiscal year, the President shall report to the Congress the actual amount of receipts and expenditures of the Government during such fiscal year, other than receipts and expenditures of trust funds.

States that if, for the period of two consecutive fiscal years, the aggregate expenditures by the Government, other than expenditures from trust funds, exceed the aggregate receipts of the Government, other than the receipts of trust funds, neither the House of Representatives nor the Senate shall have power to pass any bill or other measure appropriating any moneys out of the general fund of the Treasury until such time as provisions of law have come into effect which will provide additional revenue in an amount not less than the amount by which such expenditures exceeded such receipts.

Suspends the provisions of this Act during a war or other national emergency if the President so recommends and the Congress by a two-thirds vote of each House agrees.