This joint resolution proposes a constitutional amendment prohibiting (1) total outlays for a fiscal year from exceeding total receipts for that fiscal year, and (2) increases to the public debt limit.

For emergency situations, Congress may authorize expenditures that violate these requirements for limited times if the expenditures are approved by a two-thirds vote of each chamber. Any debt incurred from these expenditures must be paid as soon as practicable.

The amendment also prohibits legislation that increases revenue from becoming law unless it is approved by a roll call vote of two-thirds of each chamber.

Finally, the amendment requires the President to submit a balanced budget to Congress annually.