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 the…