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H.J.Res. 68 (116th): Proposing a balanced budget amendment to the Constitution of the United States.

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 Jun 20, 2019.

Constitutional Amendment

This joint resolution proposes a constitutional amendment prohibiting total expenditures from exceeding total receipts for a fiscal year. The prohibition excludes expenditures for repayment of debt principal and receipts derived from borrowing.

For a national emergency, two-thirds of each chamber of Congress may authorize expenditures that exceed receipts for limited times. Debts incurred from the expenditures must be paid as soon as practicable.

The amendment requires a two-thirds roll call vote of each chamber of Congress to increase the public debt limit. It also requires the President to submit a balanced budget to Congress annually.

If the President does not submit a balanced budget for a fiscal year, any executive actions may be unilaterally overturned by a simple majority vote of each of chamber of Congress until the President submits a balanced budget.