Proposing an amendment to the Constitution of the United States requiring a balanced budget for the Federal Government.

This joint resolution proposes a constitutional amendment that would generally prohibit annual federal spending from exceeding the average amount of tax revenue collected over the previous three years, adjusted for inflation and population changes. To exceed these spending limits or to enact any new tax increases, the amendment would require a two-thirds roll call vote in both the House and the Senate, though spending limits could also be waived during a formal declaration of war. If ratified, these fiscal requirements would take effect five years after the amendment's adoption.

This resolution directly affects the U.S. Congress by requiring a two-thirds roll call vote in both chambers to authorize expenditures exceeding the specified limit or to approve any new or increased taxes. The federal government as a whole is affected by new fiscal constraints that tie annual expenditures to a three-year average of prior receipts, adjusted for inflation and population changes. Additionally, the amendment impacts the general public as the calculation for federal spending limits would be based on the population of U.S. citizens.

• Balanced budget requirement based on prior receipts. Prohibits total annual federal expenditures from exceeding the average annual receipts collected over the previous three years, with adjustments for inflation and population changes. Debt payments and borrowed funds are excluded from these calculations.
• Supermajority requirements for spending limit exceptions. Allows Congress to exceed the spending limit only through a two-thirds roll call vote in both chambers or during years with a formal declaration of war.
• Restrictions on new or increased taxes. Requires a two-thirds roll call vote from the full membership of both the House and Senate to enact any bill that establishes a new tax or increases existing tax rates.

The requirements of this constitutional amendment would take effect in the fifth year following its ratification.

This joint resolution proposes a formal amendment to the Constitution of the United States, establishing new constitutional constraints on federal fiscal authority and the legislative process for taxation.

This joint resolution proposes an amendment to the U.S. Constitution to require a balanced federal budget by prohibiting annual expenditures from exceeding the average receipts of the three previous years, adjusted for inflation and population changes. It also seeks to limit the federal government's ability to increase taxes or exceed spending caps by requiring a two-thirds majority vote in both chambers of Congress.