This joint resolution proposes a constitutional amendment prohibiting total expenditures from exceeding total receipts for a fiscal year. The prohibition excludes expenditures for repayment of debt principal and receipts derived from borrowing.
For a national emergency, two-thirds of each chamber of Congress may authorize expenditures that exceed receipts for limited times. Debts incurred from the expenditures must be paid as soon as practicable.
The amendment requires a two-thirds roll call vote of each chamber of Congress to increase the public debt limit. It also requires the President to submit a balanced budget to Congress annually.
If the President does not submit a balanced budget for a fiscal year, any executive actions may be unilaterally overturned by a simple majority vote of each of chamber of Congress until the President submits a balanced budget.