Bill summaries are authored by CRS.

Shown Here:
Passed House amended (01/26/1995)

Constitutional Amendment - Prohibits total outlays from exceeding total receipts for a fiscal year, unless three-fifths of the members of each House of Congress provide by law for a specific excess of outlays over receipts by a roll call vote.

Sets a permanent limit on the amount of the public debt. Prohibits an increase in such amount unless approved by a three-fifths majority in each House by roll call vote.

Directs the President to submit a balanced budget.

Prohibits a bill to increase revenue from becoming law unless approved by a majority in each House by roll call vote.

Waives the provisions of this amendment for any fiscal year in which a declaration of war is in effect, or if the United States faces an imminent and serious military threat to national security as declared by a joint resolution which becomes law.