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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
11/15/2011--Introduced. Constitutional Amendment - Prohibits estimated outlays of the operating funds of the United States for any fiscal year from exceeding total estimated receipts to those funds for that fiscal year unless Congress, by a three-fifths roll-call vote of each chamber, approves a specific excess of outlays over receipts.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by roll-call vote.
Authorizes waivers of these provisions for any fiscal year and the first fiscal year thereafter if: (1) a declaration of war is in effect, or (2) the Congressional Budget Office (CBO) estimates that real economic growth has been or will be less than 1% for two consecutive quarters during the period of those two fiscal years. Authorizes waivers for any fiscal year under other specified circumstances involving military conflict.
Excludes: (1) from estimated receipts, specified funds derived from net borrowing; (2) from estimated outlays, funds for repayment of debt principal and for capital investments; and (3) from receipts or outlays, receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.