This resolution would propose a balanced budget amendment to the Constitution, which would prohibit the federal government from spending more in a fiscal year than it receives in revenue. Expenditures on repaying debt would be excluded. Congress could only waive the balanced budget requirement or raise the public debt limit by a three-fifths roll call vote by each chamber, while a majority roll call vote by each chamber would be needed to raise taxes (no voice votes would be allowed). These requirements could be waived when a declaration of war is in effect or if there is a military conflict posing an imminent and serious threat to national security. The president would have to submit a balanced budget each year.
Because it proposes a constitutional amendment, after this resolution’s passage by two-thirds of both chambers of Congress it would have to be ratified by three-fourths of the state legislatures (38 states) to amend the U.S. Constitution.