Proposing a balanced budget amendment to the Constitution of the United States.

This joint resolution proposes a new article to the United States Constitution, establishing a balanced budget amendment . The amendment mandates that the federal government's expenditures and receipts must be balanced, a requirement that may be met over more than one year. Notably, expenditures for payment of debt and receipts derived from borrowing are explicitly excluded from this balancing calculation. For emergency situations , the amendment allows for expenditures to exceed receipts if authorized by a two-thirds vote of both the House of Representatives and the Senate, but only for limited times. Any debts incurred from such emergency spending must be paid as soon as practicable, and Congress is given a ten-year period following ratification to achieve the required budget balance.