This joint resolution proposes a new article to the U.S. Constitution, establishing a balanced budget amendment . It mandates that the federal government's total outlays for any fiscal year shall not exceed its total receipts, excluding borrowing and debt principal repayment. The President would also be required to submit a balanced budget proposal to Congress annually. Deviations from this balanced budget, including specific excesses of outlays over receipts or increases in the national debt limit , would require approval by a three-fifths rollcall vote of the whole number of each House of Congress. Furthermore, any bill to increase revenue would need a majority rollcall vote from the whole number of each House. The amendment includes provisions allowing Congress to waive these requirements during a declared war or a significant military conflict posing an imminent threat to national security.