We don’t have a summary available yet.
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 27, 2017.
This joint resolution proposes a constitutional amendment prohibiting the total amount of money expended by the United States during a fiscal year from exceeding total revenue received for that fiscal year, excluding revenue from the issuance of bonds, notes, or other obligations of the United States.
The amendment also: (1) prohibits the total amount of money expended by the United States in any fiscal year from exceeding 20% of the gross domestic product of the United States, and (2) requires the President to submit to Congress an annual budget in which total outlays do not exceed total revenues received.
The spending restrictions do not apply during a fiscal year in which a declaration of war is in effect, or if three-fifths of the Senate and two-thirds of the House of Representatives vote to suspend the restrictions.