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

This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress declares an emergency and authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for payment of debt and receipts derived from borrowing.

The amendment requires a three-fifths roll call vote of each chamber to increase the public debt limit and a majority roll call vote of each chamber for bills that increase revenue.

The amendment also requires the President to submit an annual budget in which total outlays do not exceed total receipts.

Congress may waive these requirements due to a declaration of war or a military conflict that causes an imminent and serious military threat to national security.