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: Total outlays for any fiscal year shall not exceed total receipts for that fiscal year. 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 Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. 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 shall identify and be limited to the specific increase for that fiscal year made necessary by the identified military conflict. Any increase in spending related to any waiver provided by this section shall be offset by a budget surplus within ten fiscal years of the end of this waiver. The Congress may waive the provisions of this article for any fiscal year in which a declaration of national emergency is in effect, as so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. Any such waiver shall identify and be limited to the specific increase for that fiscal year made necessary by the identified national emergency. Any increase in spending related to any waiver provided by this section shall be offset by a budget surplus within ten fiscal years of the end of this waiver. 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 tenth fiscal year after its ratification.

Summary: This joint resolution nullifies the Department of Treasury's rule titled Coronavirus State and Local Fiscal Recovery Funds, which was issued on November 20, 2023.The rule relates to the use of State and Local Fiscal Recovery Funds (SLFRF), which were initially authorized under the American Rescue Plan Act of 2021 to help state and local governments respond to the COVID-19 public health emergency. Current regulations allow for the use of funds for authorized purposes by December 31, 2026, if such funds are obligated for expenditure by December 31, 2024.The rule modifies the definition of an obligation to include satisfaction of administrative or legal requirements that are associated with the SLFRF program, such as reporting, audit, or environmental compliance requirements. Funds for these purposes are considered to be obligated by the required deadline of December 31, 2024. Estimated amounts of such obligations must be reported to Treasury by April 30, 2024, and the funds must still be used by December 31, 2026.