That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification:

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1.Total outlays for any fiscal year shall not exceed total receipts for that fiscal year.

2.The limit on the debt of the United States held by the public shall not be increased.

3.Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which total outlays do not exceed total receipts.

4.No bill to increase revenue shall become law unless approved by two-thirds of the whole number of each House by a rollcall vote.

5.For emergency situations, the Congress may, by approval by two-thirds of the whole number of each House, for limited times authorize expenditures exceeding those pursuant to sections 1 and 2. Any debt incurred from such expenditures shall be paid as soon as practicable.

6.The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

7.Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.

8.This article shall take effect beginning with the fifth fiscal year beginning after its ratification.