Constitutional Amendment

This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a two-thirds roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.

The amendment also

• prohibits total outlays for any fiscal year from exceeding 18% of the economic output of the United States unless two-thirds of each chamber of Congress provides a specific increase in outlays above this amount,
• requires a three-fourths roll call vote of each chamber of Congress to increase the public debt limit,
• requires a two-thirds roll call vote of each chamber of Congress to increase revenue,
• requires the President to transmit to Congress a proposed balanced budget each year and prohibits the President from being compensated if the requirement is not met, and
• requires Congress to consider and approve a balanced budget each year and prohibits Members of Congress from being compensated if the requirement is not met.

Congress may waive these requirements when a declaration of war is in effect or if the United States is engaged in a military conflict which causes an imminent and serious military threat to national security.

The amendment prohibits a court from entering an order in any action that results in an increase in the collection of revenue.