‘Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless two-thirds of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a roll call vote.
‘Section 2. The limit on the debt of the United States held by the public shall not be increased, unless two-thirds of the whole number of each House shall provide by law for such an increase by a roll call vote.
‘Section 3. Outlays for the total budget may not exceed the previous fiscal years’ outlays plus population growth and inflation, unless two-thirds of the whole number of each House shall provide for such increase by a roll call vote.
‘Section 4. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year in which total outlays do not exceed total receipts.
‘Section 5. No bill to increase revenue shall become law unless approved by two-thirds of the whole number of each House by a roll call vote.
‘Section 6. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect, with a vote of a majority of both houses.
‘Section 7. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.
‘Section 8. All outlays above revenues from the previous fiscal year must be accounted for in the outlays and budgets of the following fiscal year.
‘Section 9. All surplus revenues at the end of a fiscal year shall be allocated to a fund to be returned to the taxpayers. The method of return to the taxpayers must be determined by legislation before the end of the subsequent fiscal year.
‘Section 10. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government including those for debt service and other debt functions.
‘Section 11. This article shall take effect beginning with the second fiscal year beginning after its ratification.’.
U.S. Congress - Text of H.J.Res.75 as Introduced in House Proposing an amendment to the Constitution of the United States to balance the Federal ...
