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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 Jul 19, 2017.
This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year, unless three-fifths of each chamber of Congress authorizes the excess with a rollcall vote. The authorization must include an adequate increase in the debt limit for the specific excess of outlays. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The President must submit a balanced budget to Congress annually.
Total outlays for the Social Security trust funds over 75 years must not exceed total receipts for 75 years, unless three-fifths of each chamber of Congress authorizes the specific excess by a rollcall vote.
Congress may waive the requirements by a rollcall vote for any year in which a declaration of war is in effect. The waiver must: (1) identify and be limited to the outlays necessary for the war, and (2) include an adequate increase in the debt limit for the specific excess of outlays.