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 for ratification: Total outlays for any fiscal year shall not exceed total receipts for that fiscal year. Total outlays for any fiscal year shall not exceed 18.5 percent of economic output of the United States. The limit on the debt of the United States held by the public shall not be increased unless three-fourths of the whole number of each House shall provide by law for such an increase by a rollcall vote. 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. The Presidentâ€™s failure to transmit to the Congress a balanced budget will be considered an impeachable offense, except in emergency situations as described in section 7, in which case the President may submit a nonbalanced budget under the procedures described in those sections. A bill to increase revenue shall not become law unless three-fourths of the whole number of each House shall provide by law for such an increase by a rollcall vote. Effective immediately on the date that is 90 days after the beginning of any Federal fiscal year, there shall be a cancellation of budgetary authority equal to the amount (if any) that total outlays exceeded the limits set forth in sections 1 and 2 during the preceding fiscal year. The Congress may waive all the provisions of this article for any fiscal year in which a declaration of war is in effect. All the provisions of this article may be waived for any fiscal year 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. Any such waiver must identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal. This article shall take effect beginning with the third fiscal year beginning after its ratification.

Summary: This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year or 18.5% of the economic output of the United States. The amendment also requires a cancellation of budget authority that is equal to the amount by which total outlays exceeded these limits during the preceding fiscal year.  The amendment requires a three-fourths roll call vote of each chamber of Congress to increase the public debt limit or increase revenue.  The amendment also requires the President to submit an annual budget in which total outlays do not exceed total receipts.  Congress may waive these requirements due to a declaration of war or a military conflict that causes an imminent and serious military threat to national security.