Summary of the Legislation:

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

Prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product for the preceding calendar year unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess over such 18%.

Directs the President to submit a balanced budget to Congress annually.

Prohibits any bill to increase federal taxes from becoming law unless approved by two-thirds of each chamber by roll call vote.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

The full text of the bill available here.

News Articles about this Legislation:

Bill Status:

The bill was voted on December 14, 2011.  The bill failed on a straight party line vote 47-53. Record Vote Number 229.  To understand the process of how a bill becomes a law click here.

Senate Support:

All 47 Senate Republicans are co-sponsors of this bill.

Public Suppport:

Please click on the name of the group to see their letter.