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.
Vote to adopt a joint resolution that proposes an amendment to the Constitution requiring a balanced budget.
Prohibits total Federal outlays, or total amount spent by the Federal government, from exceeding the total collected from receipts for each fiscal year, unless a three-fifths majority from both the House and Senate authorize a specific excess.
Requires the President to submit to Congress a proposed balanced budget prior to each fiscal year.
Allows for provisions of the amendment to be waived if the United States is engaged in a war or if the House and Senate adopt a joint resolution declaring that provisions must be waived if the U.S. has an “imminent and serious military threat to national security” due to a military conflict.
Indicates that this amendment shall begin with fiscal year 2001 or the second fiscal year following ratification.