Vote Smart's Synopsis:

Vote to adopt a joint resolution that proposes an amendment to the Constitution requiring a balanced budget.

Highlights:

• Prohibits total Federal outlays, or total amount spent by the Federal government, from exceeding the total collected from receipts for each fiscal year, unless a three-fifths majority from both the House and Senate authorize a specific excess.

• Requires the President to submit to Congress a proposed balanced budget prior to each fiscal year.

• Allows for provisions of the amendment to be waived if the United States is engaged in a war or if the House and Senate adopt a joint resolution declaring that provisions must be waived if the U.S. has an "imminent and serious military threat to national security" due to a military conflict.

• Prohibits Federal revenues rates from rising faster than national income rates, unless a three-fifths majority from both the House and Senate authorize a specific tax increase raising revenue rates.

• Indicates that this amendment shall begin with fiscal year 2001 or the second fiscal year following ratification.

Full Bill Text

Full Bill Text