PROPOSING A BALANCED BUDGET AMENDMENT TO THE CONSTITUTION OF THE UNITED STATES.

Proposing a balanced budget amendment to the Constitution of the United States. 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 within seven years after the date of its submission by the Congress: — 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fifths of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a roll call vote. 2. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which total outlays do not exceed total receipts. 3. Sections 1 and 2 of this Article shall not apply during any fiscal year in which a declaration of war is in effect or in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. 4. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts. 5. Except as provided in the second clause, total receipts shall include all receipts of the United States Government other than those derived from borrowing, and total outlays shall include all outlays of the United States Government other than those for repayment of debt principal. The receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, or any fund that is a successor to either such fund, shall not be considered to be receipts or outlays for purposes of this article. 6. Congress shall not pass any bill that provides a net reduction in individual income taxes for those with incomes over $1,000,000 (as may be adjusted by Congress to account for inflation) if, after enactment, total outlays would exceed total receipts in any fiscal year affected by the bill. 7. No court of the United States or of any State shall enforce this article by ordering any reduction in the Social Security benefits authorized by law, including any benefits provided from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, or any fund that is a successor to either such fund. 8. This article shall take effect beginning with the fifth fiscal year beginning after its ratification.

Summary: Constitutional Amendment - Prohibits total outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths roll call vote of each chamber, authorizes a specific excess of outlays over receipts. Excludes receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, or either of their successor funds, from consideration as receipts or outlays for purposes of this Amendment. Directs the President to submit a balanced budget to Congress annually. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict. Prohibits Congress from passing any bill that provides a net reduction in individual income taxes for those with incomes over $1 million (as may be adjusted by Congress to account for inflation) if, after enactment, total outlays would exceed total receipts in any fiscal year affected by the bill. Prohibits a federal or state court from ordering any reduction in the Social Security benefits authorized by law, including any benefits provided from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, or either of their successor funds.