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

Key Points

• This proposal would change the U.S. Constitution to require that the federal government does not spend more money than it collects in taxes and other income each year.
• If the government needs to spend more than it has or wants to raise the national debt limit, three-fifths of both the House and Senate (60%) would have to vote 'yes' to allow it.
• The President would be required to submit a budget to Congress every year where the total spending is equal to or less than the total money coming in.
• Any new law intended to increase government income, such as raising taxes, would require a majority vote from the full membership of both the House and Senate to pass.
• These rules could be paused if the United States is at war or facing a serious military threat, but Congress would still have to vote on the specific amount of extra spending needed for the conflict.
• If this amendment is approved by two-thirds of Congress and three-quarters of the states, the new rules would officially take effect five years after it is finalized.