Constitutional Amendment
This joint resolution proposes a constitutional amendment requiring federal expenditures and receipts to be balanced, excluding expenditures for payment of debt and receipts derived from borrowing. The requirement may be met over more than one year to accommodate economic conditions.
In emergency situations, two-thirds of the House of Representatives and the Senate may authorize expenditures to exceed receipts for a limited time. Debts from emergency expenditures must be paid as soon as practicable.
Congress may enforce the article with legislation, which must require compliance within 10 years of ratification.