A constitutional amendment to require the federal government to maintain a balanced budget would be sent to the states for ratification under
The proposed amendment specifically would prohibit yearly federal expenditures — excluding debt repayments — from exceeding the annual average of all revenue collected during the preceding three years, adjusted for inflation and changes in US population. The requirement would take effect five years after ratification.
The amendment would allow Congress to exceed the spending limit for specific expenditures only by a two-thirds supermajority vote in both chambers, or by a simple majority vote ...