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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
1/15/2013--Introduced. Constitutional Amendment - Prohibits, except in time of a congressionally declared war, federal fiscal year expenditures from exceeding: (1) federal revenues for that fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States; and (2) 20% of the gross domestic product for the preceding calendar year. Authorizes suspension of these prohibitions by concurrent resolution approved by a three-fifths vote of the Senate and a two-thirds vote of the House of Representatives.
Requires the President, before each fiscal year, to transmit to Congress a proposed federal budget for that fiscal year in which total outlays do not exceed total revenues received by the United States.