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 three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.

The amendment requires roll call votes of (1) three-fifths of each chamber of Congress to increase the public debt limit, and (2) a majority of each chamber for legislation increasing revenue.

It also requires the President to submit a balanced budget to Congress annually.

Congress is authorized to 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.