Summary: H.J.Res.41 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.J.Res.41. Bill summaries are authored by CRS.

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Introduced in House (01/05/1981)

Constitutional Amendment - Prohibits total expenditures of the United States in any fiscal year from exceeding total receipts for such year. Authorizes the suspension of such prohibition in time of war declared by Congress or by a concurrent resolution passed by a two- thirds vote of both Houses of Congress.

States that any unanticipated deficit in any fiscal year shall be considered an expenditure for the succeeding fiscal year. Directs the Congress to provide an appropriate increase in the level of total receipts if the amount of such deficit exceeds two percent of the total expenditures for the succeeding fiscal year.

Authorizes the Congress to apportion any deficit over the four following fiscal years, or by a two-thirds vote of both Houses to include such deficit in the debts of the United States.