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 or 18.5% of the economic output of the United States for the fiscal year. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment requires a three-fourths roll call vote of each chamber of Congress to increase the public debt limit or revenue. It also requires the President to submit a balanced budget to Congress annually and specifies that the failure to do so will be considered an impeachable offense. Congress may waive these requirements when: (1) a declaration of war is in effect, or (2) the United States is engaged in a military conflict which causes an imminent and serious military threat to national security that has been declared by a joint resolution. Waivers must identify and be limited to the excess that is necessary for a year due to the identified military conflict.