Resolves that Congress calls a convention for proposing amendments under Article V of the U.S. Constitution in accordance with the Compact for a Balanced Budget, effective after Congress receives certification that at least three-fourths of the states are members of the Compact and have applied for a convention for proposing amendments under Article V of the U.S. Constitution.

Resolves that Congress refers the Balanced Budget Amendment to the state legislatures for ratification after Congress receives a certified copy of the Amendment showing that a convention for proposing amendments under Article V has approved and proposed for ratification the Amendment that is defined by the Compact and meets specified criteria, including prohibiting outlays from exceeding receipts unless the excess is financed by debt issued using specified procedures requiring approval by a majority of state legislatures.