Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the state legislatures that prohibits the federal government from spending money in excess of its revenue, beginning 5 fiscal years after the amendment is ratified.

Highlights:

• Prohibits the federal government from spending more money than it receives for any fiscal year, unless authorized to do so for a specific expenditure by a three-fifths majority vote in both houses of Congress.

• Defines federal revenue as excluding funds derived from borrowing and revenue of the Social Security trust funds.

• Defines federal spending as excluding debt payments and spending of the Social Security trust funds.

• Prohibits Congress from passing any bill that provides a net reduction in individual income taxes for those with incomes over $1 million if, after enactment, spending would exceed total revenue in any fiscal year.

• Prohibits any court from ordering a reduction in Social Security benefits in order to enforce the provisions of this amendment.

• Exempts the federal government from the provisions of this amendment during any fiscal year in which a declaration of war is in effect, or in which the United States is engaged in a military conflict that causes an “imminent and serious” military threat to national security, as declared by a majority vote of both houses of Congress.

Full Bill Text

Full Bill Text