Proposing an amendment to the Constitution of the United States to set limits on Federal campaign contributions and spending, prohibit corporate spending in the political process, require Congress to develop a system of public campaign financing for all Federal candidates who qualify for the ballot, and allow the States to set reasonable limits on campaign contributions and spending in State and local elections, and for other purposes

That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States: To advance democratic self-government and political equality, and to protect the integrity of government and the electoral process, the right of citizens of the United States to vote in elections in which campaign contributions and spending are subject to enforceable limits as set forth in this article, shall not be abridged by the United States. In any calendar year, no person may spend or contribute more than one hundred dollars for the purpose of influencing any other personâ€™s election for the office of Representative, Senator, President, or Vice President; nor spend for the purpose of influencing elections, including such personâ€™s own election, for the offices of Representative, Senator, President, or Vice President, or contribute to candidates for such offices, their campaigns, or political parties, more than an aggregate total of one thousand dollars; provided that Congress may by law prescribe lower limits and may periodically increase the amounts set forth in this section, but only to the extent required by changes in the value of money. No corporation or other entity created by law shall contribute or spend any amount for the purpose of influencing any election for the office of Representative, Senator, the President, or the Vice President; but a political party or candidateâ€™s campaign may spend the amounts prescribed by law. Not later than sixty days after the ratification of this article, Congress shall enact legislation as follows: To limit the amounts that candidates, their campaigns for the offices of Representative, Senator, President, or Vice President, and political parties may spend on such candidacies. To provide public funding for all candidates who qualify for any primary, general, or special election ballot for Representative, Senator, President, or Vice President in any State or in the District constituting the seat of Government of the United States, equaling at least eighty percent of the amount that may be spent; but for candidates for President or Vice President, Congress shall prescribe by law the manner in which such amount shall be apportioned based on the States or District wherein such person qualifies. To require disposition to the Treasury of any unspent campaign funds after each election, without compensation. To enforce, with civil and criminal penalties, the limits and prohibitions in this article. After one year from the ratification of this article, no Senator or Representative shall receive any compensation or other emoluments from the United States during or for any period of time in office in either House during which the legislation required by section 4 shall not have been in effect. The judicial power of the United States shall extend to all suits by citizens of the United States arising under this article, including suits brought directly under this article to enforce its provisions. The States shall have power to implement and enforce reasonable regulations on the raising and spending of money by candidates and others to influence State or local elections, including but not limited to the limits and prohibitions in this article. This article shall not be construed to grant Congress or the States the power to abridge the freedom of the press.

Summary: 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.