Title: Proposing a balanced budget amendment to the Constitution of the United States.
Policy area: Economics and Public Finance

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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 78 Introduced in House (IH)]

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117th CONGRESS
  2d Session
H. J. RES. 78

Proposing a balanced budget amendment to the Constitution of the United 
                                States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 21, 2022

  Mrs. Boebert (for herself, Mr. Norman, Mr. Duncan, and Mr. Massie) 
  submitted the following joint resolution; which was referred to the 
                       Committee on the Judiciary

_______________________________________________________________________

                            JOINT RESOLUTION


 
Proposing a balanced budget amendment to the Constitution of the United 
                                States.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled   (two-thirds of each House 
concurring therein), 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:

                              ``Article--

    ``Section 1. Total outlays for any fiscal year shall not exceed 
total receipts for that fiscal year.
    ``Section 2. The limit on the debt of the United States held by the 
public shall not be increased.
    ``Section 3. 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.
    ``Section 4. No bill to increase revenue shall become law unless 
approved by two-thirds of the whole number of each House by a rollcall 
vote.
    ``Section 5. For emergency situations, the Congress may, by 
approval by two-thirds of the whole number of each House, for limited 
times authorize expenditures exceeding those pursuant to sections 1 and 
2. Any debt incurred from such expenditures shall be paid as soon as 
practicable.
    ``Section 6. The Congress shall enforce and implement this article 
by appropriate legislation, which may rely on estimates of outlays and 
receipts.
    ``Section 7. 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.
    ``Section 8. This article shall take effect beginning with the 
fifth fiscal year beginning after its ratification.''.
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