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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 3, 2013.
Constitutional Amendment - Prohibits total 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 rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
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. Requires the appropriate congressional committees to report to their respective chambers implementing legislation to achieve a balanced budget without reducing the disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to achieve that goal.