NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES TWO-THIRDS APPROVAL IN EACH CHAMBER OF CONGRESS, AND RATIFICATION BY THREE-FOURTHS OF THE STATE LEGISLATURES WITHIN SEVEN YEARS OF THE DATE THE AMENDMENT WAS SUBMITTED.
Title: Proposing a Balanced Budget Amendment to the U.S. Constitution
Vote Smart's Synopsis:
Vote to pass a joint resolution that submits a constitutional amendment to the states requiring a balanced federal budget.
Requires total federal expenditures to not exceed total federal revenue for a fiscal year, unless three-fifths of both chambers of Congress vote to authorize the specific expenditure that exceeds revenue.
Prohibits an increase of the public debt limit unless three-fifths of both chambers of Congress vote to authorize the increase.
Requires the President to propose a balanced federal budget to Congress prior to each fiscal year.
Authorizes Congress to waive the balanced budget requirement in one of the following circumstances:
If a declaration of war is in effect; or
If a joint resolution of Congress is passed and signed into law that declares the United States to be engaged in a military conflict resulting in an "imminent and serious military threat to national security".
Specifies that federal revenues do not include those derived from borrowing.
Specifies that federal expenditures do not include those made for debt repayment.