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. Total outlays shall include all outlays of the United States except those for payment of debt, and total receipts shall include all revenue of the United States except that derived from borrowing.

2.The Congress may by a roll call vote of three-fifths of each House of Congress declare an emergency and provide by law for specific outlays in excess of the limit in section 1 with respect to a fiscal year.

3.The Congress may provide by law for increasing revenue of the United States, except that derived from borrowing, only by a roll call vote of a majority of each House.

4.The limit on the debt of the United States held by the public shall not be increased unless three-fifths of each House of Congress provides by law for such an increase by a roll-call vote.

5.The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law.

6.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.

7.Congress shall have power to enforce this article by appropriate legislation.

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