Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.
Last action on Feb 12, 2001Referred to the Subcommittee on the Constitution.
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Summary
Constitutional Amendment - Provides for agreement each fiscal year between Congress and the President on an estimate of total receipts. Prohibits outlays for such year from exceeding such amount unless authorized by a specific congressional vote.
Provides by law for repayment in the ensuing fiscal year whenever actual outlays exceed actual receipts for any fiscal year.
Requires a three-fifths roll call vote of each House to increase the public debt.
Directs the President to submit a balanced budget to Congress.
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