A joint resolution proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.

This bill proposes a constitutional amendment requiring the federal budget to be balanced each year. It would mandate that annual government spending (outlays) not exceed total revenue (receipts) and also limit spending to 18% of the previous year's gross domestic product (GDP). Exceptions allowing spending above these limits would require a two-thirds vote in both House and Senate, and new taxes or debt ceiling increases would similarly need a two-thirds vote. The amendment would only take effect if ratified by 38 states (three-fourths of all states), as it is a constitutional proposal, not an enacted law.