H.J.Res.89 - Proposing a balanced budget amendment to the Constitution of the United States.

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  • Official: Proposing a balanced budget amendment to the Constitution of the United States. as introduced.

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Introduced
 
House
Passes
 

 
11/17/11
 
 
 

Official Summary

Constitutional Amendment - Prohibits estimated outlays of the operating funds of the United States for any fiscal year from exceeding total estimated receipts to those funds for that fiscal year unless Congress, by a three-fifths roll-call vote of each chamber, approves a specific excess of

Official Summary

Constitutional Amendment - Prohibits estimated outlays of the operating funds of the United States for any fiscal year from exceeding total estimated receipts to those funds for that fiscal year unless Congress, by a three-fifths roll-call vote of each chamber, approves a specific excess of outlays over receipts. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by roll-call vote. Authorizes waivers of these provisions for any fiscal year and the first fiscal year thereafter if:
(1) a declaration of war is in effect, or
(2) the Congressional Budget Office (CBO) estimates that real economic growth has been or will be less than 1% for two consecutive quarters during the period of those two fiscal years. Authorizes waivers for any fiscal year under other specified circumstances involving military conflict or if a presidential declaration of major disaster is in effect. Excludes:
(1) from estimated receipts, specified funds derived from net borrowing;
(2) from estimated outlays, funds for repayment of debt principal and for capital investments; and
(3) from receipts or outlays, receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

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