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

[AI summary unavailable — showing source text] Constitutional Amendment This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a two-thirds roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment also: prohibits total outlays for any fiscal year from exceeding 18% of the economic output of the United States unless two-thirds of each chamber of Congress provides a specific increase in outlays above this amount; requires a three-fourths roll call vote of each chamber of Congress to increase the public debt limit; requires a two-thirds roll call vote of each chamber of Congress to increase revenue; requires the President to transmit to Congress a proposed balanced budget each year and prohibits the President from being compensated if the requirement is not met; and requires Congress to consider and approve a balanced budget each year and prohibits Members of Congress from being compensated if the requirement is not met. Congress may waive these requirements when a declaration of war is in effect or if th…