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

Shown Here:
Introduced in House (01/11/1995)

Constitutional Amendment - Prohibits total outlays of the operating fund of the United States for any fiscal year from exceeding total receipts to those funds for that fiscal year plus any operating fund balances carried over from previous years.

Allows the Congress to waive provisions of this amendment by a declaration of national urgency by the President that is approved by a majority vote of both Houses of the Congress.

Requires the President, by the first Monday in February each year, to transmit to Congress a proposed budget in which the total outlays of the operating funds do not exceed total receipts.

Declares that total receipts exclude those derived from net borrowing. Declares that total outlays exclude those for repayment of debt principal and for capital and developmental investments that provide demonstrable long-term economic returns but includes an annual debt servicing charge. Declares that the receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund together with outlays for benefits earned by veterans of military service shall not be counted as receipts or outlays.