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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 Feb 27, 2017.
This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.
The amendment prohibits total outlays for any fiscal year from exceeding 18% of the U.S. gross domestic product, unless two-thirds of each chamber of Congress provides for a specific increase above this amount.
The amendment requires a two-thirds vote of each chamber of Congress to impose a new tax, increase the statutory rate of any tax, or increase the aggregate amount of revenue. It requires a three-fifths vote of each chamber to increase the limit on the debt of the United States.
The President must submit an annual budget in which total outlays do not exceed total receipts and 18% of the U.S. gross domestic product.
The amendment prohibits a court from ordering a revenue increase to enforce the requirements.
Congress may waive specified requirements when a declaration of war against a nation-state is in effect or the United States is engaged in a military conflict which causes an imminent and serious military threat to national security.