This joint resolution proposes a constitutional amendment to establish a balanced budget requirement for the Federal Government. It stipulates that total annual expenditures generally cannot exceed the average annual receipts collected in the three prior years, with adjustments for population changes and inflation. This limit specifically excludes debt payments from expenditures and receipts derived from borrowing. The amendment provides specific exceptions, allowing Congress to exceed the expenditure limit through a two-thirds roll call vote in both Houses for particular spending or during a declared war. Furthermore, any bill to levy a new tax or increase an existing tax rate would also require approval by a two-thirds majority of each House of Congress. This article would take effect five years after its ratification by three-fourths of the states.