Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the states requiring a balanced federal budget.

Highlights:

• 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.

Full Bill Text
Full Bill Text

Full Bill Text