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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 Oct 8, 2015.
This joint resolution proposes a constitutional amendment prohibiting total outlays of the operating funds of the United States from exceeding total receipts of those funds for a fiscal year unless Congress authorizes the excess by a three-fifths vote of each chamber.
The prohibition excludes:
outlays for repayment of debt principal, capital investments, and Social Security; and receipts derived from net borrowing or Social Security. The President must submit an annual budget in which total outlays for operating funds do not exceed total receipts for those funds for the fiscal year.
Congress may waive the requirements for two years if: (1) a declaration of war is in effect, or (2) the Congressional Budget Office estimates that real economic growth has been or will be less than 1% for two consecutive quarters during the two-year period.
Congress may also waive the requirements for any year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security.