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

Constitutional Amendment This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product of the United States during the previous calendar year, unless two-thirds of each house of Congress approves a higher level of outlays. The amendment requires a three-fifths roll call vote of each chamber of Congress to increase the public debt limit, suspend the public debt limit, or to increase revenue. It also requires the President to submit a balanced budget to Congress annually. Each chamber of Congress must approve a balanced budget or Members serving in the chamber may not receive compensation. Congress is authorized to waive these requirements when a declaration of war is in effect or if the United States is engaged in a military conflict which causes an imminent and serious military threat to national security.