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

This joint resolution proposes a constitutional amendment to establish a balanced budget requirement for the United States government. The core provision mandates that total outlays for any fiscal year shall not exceed total receipts , with receipts defined as all government income except borrowing, and outlays excluding debt principal repayment. An exception to this rule is permitted only if two-thirds of the whole number of each House of Congress provides by law for a specific excess of outlays over receipts through a rollcall vote. Furthermore, the amendment requires the President to transmit a proposed budget to Congress each fiscal year in which total outlays do not exceed total receipts. Congress would be responsible for enforcing and implementing this article through appropriate legislation, which may rely on estimates of outlays and receipts. If ratified, this amendment would take effect beginning with the fifth fiscal year after its ratification.