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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 Dec 16, 2015.
This joint resolution proposes a constitutional amendment prohibiting total outlays from exceeding total receipts for a fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The President must submit a balanced budget to Congress annually. If the President does not submit a balanced budget for a fiscal year, no executive orders may be issued until the earlier of the submission of a balanced budget or the first day of the fiscal year.
A three-fifths roll call vote of each chamber of Congress is required to increase the public debt limit.
Congress may waive the requirements for any period during which the United States is engaged in military conflict that causes an imminent and serious military threat to national security.