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

[AI summary unavailable — showing source text] Constitutional Amendment - Prohibits estimated outlays of the operating funds of the United States for any fiscal year from exceeding total estimated receipts to those funds for that fiscal year unless Congress, by a three-fifths roll-call vote of each chamber, approves a specific excess of outlays over receipts. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by roll-call vote. Authorizes waivers of these provisions for any fiscal year and the first fiscal year thereafter if: (1) a declaration of war is in effect, or (2) the Congressional Budget Office (CBO) estimates that real economic growth has been or will be less than 1% for two consecutive quarters during the period of those two fiscal years. Authorizes waivers for any fiscal year under other specified circumstances involving military conflict or if a presidential declaration of major disaster is in effect. Excludes: (1) from estimated receipts, specified funds derived from net borrowing; (2) from estimated outlays, funds for repayment of debt principal and for capital investments; and (3) from recei…