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 two-thirds roll call vote of each chamber.

The amendment also requires the President to submit an annual budget in which total outlays for the fiscal year do not exceed total receipts.

Congress may waive the requirements for any fiscal year in which (1) a declaration of war is in effect by a roll call vote, or (2) a declaration of a natural disaster or a national emergency is in effect that was declared by a joint resolution that became law after being adopted by a majority of each chamber of Congress.