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Title: Proposing a Balanced Budget Amendment to the U.S. Constitution
Vote Smart's Synopsis:
Vote to pass a joint resolution that submits a constitutional amendment to the states requiring a balanced federal budget.
- Requires total federal expenditures to not exceed total federal revenue for a fiscal year, unless three-fifths of both chambers of Congress vote to authorize the specific expenditure that exceeds revenue.
- Prohibits an increase of the public debt limit unless three-fifths of both chambers of Congress vote to authorize the increase.
- Requires the President to propose a balanced federal budget to Congress prior to each fiscal year.
- Authorizes Congress to waive the balanced budget requirement in one of the following circumstances:
- If a declaration of war is in effect; or
- If a joint resolution of Congress is passed and signed into law that declares the United States to be engaged in a military conflict resulting in an "imminent and serious military threat to national security".
- Specifies that federal revenues do not include those derived from borrowing.
- Specifies that federal expenditures do not include those made for debt repayment.