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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 the year, excluding outlays for repayment of debt principal and receipts derived from borrowing.
The President must submit an annual budget in which total outlays for the fiscal year do not exceed total receipts.
Congress may waive the requirements for any fiscal year in which:
a declaration of war is in effect, the United States is engaged in a military conflict which causes an imminent and serious military threat to national security as declared by a joint resolution, or a national emergency has been declared by a joint resolution. Any waiver must identify and be limited to the specific increase for the year that is necessary for the military conflict or emergency. Any increase in spending pursuant to a waiver must be offset by a budget surplus within 10 years of the end of the waiver.