This joint resolution proposes a constitutional amendment that requires federal expenditures and receipts to be balanced, which may occur over more than one year.
Under the amendment, expenditures include all federal expenditures except those for payment of debt. Receipts do not include receipts derived from borrowing.
The amendment requires Congress to achieve balance within 10 years of the ratification of the amendment.
In an emergency situation, Congress may authorize additional expenditures that are not otherwise permitted by the amendment if two-thirds of the House of Representatives and the Senate agree to pass the bill. The additional expenditures must be for a limited time, and debts incurred from the expenditures must be paid as soon as practicable.