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

[AI summary unavailable — showing source text] Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts. Requires a three-fifths roll call vote of each House to increase the public debt. Directs the President to submit a balanced budget to the Congress. Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; (2) the United States faces an imminent and serious military threat to national security as declared by a joint resolution which becomes law; or (3) the President certifies and Congress affirms by a joint resolution that the United States is experiencing an economic recession. Excludes from consideration as part of Government total receipts and outlays: (1) receipts derived from borrowing and outlays for repayment of debt principal; and (2) receipts and outlays for benefits and administrative expenses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund that provide earning…