This joint resolution proposes a constitutional amendment to mandate a balanced budget for the United States Government. Under this amendment, total outlays for any fiscal year would not be permitted to exceed total receipts , unless two-thirds of the whole number of each House of Congress specifically votes to allow an excess. Additionally, the President would be required to transmit a proposed budget where outlays do not exceed receipts. The amendment includes provisions allowing Congress to waive its requirements during a declared war , a declared national emergency , or a declared natural disaster , each requiring specific congressional action. Congress would be responsible for enforcing this article through appropriate legislation, which may rely on estimates of outlays and receipts, and it would take effect five fiscal years after ratification.