Balanced Budget Act of 1995

[AI summary unavailable — showing source text] Balanced Budget Act of 1995 - Prohibits issuing any obligation subject to the limitation (under specified provisions of Federal law relating to the public debt limit) after December 31, 2001, except an obligation issued to refund an obligation issued before January 1, 2002. Provides for the suspension of that prohibition on the enactment of a joint resolution declaring a national emergency. Declares that, notwithstanding any other provision of law, an increase in the public debt limit shall not be effective if it makes the limit greater than: (1) $5.432 trillion between October 1, 1997, and September 30, 1999; or (2) $5.908 trillion after September 30, 1999.…