S.J.Res. 219
A joint resolution proposing an amendment to the Constitution of the United States requiring a balanced budget and establishing the requisite procedures.
Summary:
• Proposes a Constitutional amendment requiring Congress to pass budgets where outlays do not exceed receipts, based on the average of the previous 3 years of revenue
• Requires establishment of a budget stabilization fund, starting at 1% of net revenue collections annually and growing to at least 10% by the tenth fiscal year after ratification
• Grants the President line-item veto authority over appropriations bills when projected outlays exceed projected revenues, overridable only by a three-fourths vote of each House of Congress
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• Requires establishment of a budget stabilization fund, starting at 1% of net revenue collections annually and growing to at least 10% by the tenth fiscal year after ratification
• Grants the President line-item veto authority over appropriations bills when projected outlays exceed projected revenues, overridable only by a three-fourths vote of each House of Congress
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