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H.J.Res. 1170 (95th): A resolution proposing an amendment to the Constitution of the United States to provide that the level of total expenditures of the United States for any fiscal year shall not exceed the level of total revenues of the United States for such fiscal year and for the disposition of subsequent deficits, and that the gross Federal debt be reduced by open-market operations.

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 13, 1978.

Constitutional Amendment - Provides that total expenditures shall not exceed total revenues for any fiscal year. Authorizes the suspension of such prohibition in time of war or by a vote of two-thirds of the members of the Senate and the House. Directs the amount of any annual deficit be considered an expenditure of the United States in the following fiscal year. Permits the Congress to apportion any annual deficit over the four following fiscal years, or to include such deficit in the gross Federal debt. Directs the Board of Governors of the Federal Reserve System to reduce the public debt of the United States through open-market operations.