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

[AI summary unavailable — showing source text] Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless a three-fifths vote of both Houses authorizes a specific excess. Prohibits a bill to increase receipts from becoming law unless approved by a three-fifths majority in each House. Directs the President to submit a balanced budget. Waives these provisions when a declaration of war is in effect or when the United States faces an imminent and serious military threat to national security. Sets a permanent limit on the amount of Federal public debt, prohibiting any increase unless legislation enacted by a three-fifths majority of both Houses becomes law.…