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

[AI summary unavailable — showing source text] Constitutional Amendment - Prohibits total outlays in any fiscal year from increasing by a percentage greater than the percentage increase in nominal gross domestic product in the last calendar year ending prior to the beginning of such fiscal year. Prohibits total outlays in any fiscal year from exceeding the ratio of the outlays in the fiscal year at the time of submission of this proposed amendment to the States to gross domestic product in the last calendar year ending prior to the fiscal year at the time of submission to the States, times gross domestic product in the last calendar year ending prior to the fiscal year for which this limitation is being calculated. Declares that total receipts includes all receipts of the United States except those derived from borrowing, and total outlays includes all outlays of the United States, both on-budget and off-budget, except those for the repayment of debt principal. Requires inflation to be measured by the gross domestic product deflator. Declares that total outlays include the cost to any State or local government of engaging in any activity or service mandated by any law of the United States beyond that required by existing law or…