H.J.Res.78 - Proposing a balanced budget amendment to the Constitution of the United States.111th Congress (2009-2010)
Summary: H.J.Res.78 — 111th Congress (2009-2010)
Introduced in House (03/02/2010)
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
Directs the President to submit a balanced budget to Congress annually.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
Requires the appropriate congressional committees to report implementing legislation to achieve a balanced budget without reducing the disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to achieve that goal.