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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
8/2/2011--Introduced. Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths roll call vote of each chamber, authorizes a specific excess of outlays over receipts.
Excludes receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, or either of their successor funds, from consideration as receipts or outlays for purposes of this Amendment.
Directs the President to submit a balanced budget to Congress annually.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict. Prohibits Congress from passing any bill that provides a net reduction in individual income taxes for those with incomes over $1 million (as may be adjusted by Congress to account for inflation) if, after enactment, total outlays would exceed total receipts in any fiscal year affected by the bill. Prohibits a federal or state court from ordering any reduction in the Social Security benefits authorized by law, including any benefits provided from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, or either of their successor funds.