Detailed Summary

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

Requires a two-thirds rollcall vote of each chamber to increase the public debt limit.

Directs the President to submit a balanced budget to Congress annually.

Requires a two-thirds rollcall vote of each chamber for final adoption of any bill to increase the internal revenue.

Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

Status of the Legislation

Latest Major Action: 11/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary.

Points in Favor

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Points Against

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