Proposing a balanced budget amendment to the Constitution of the United States.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification:
``Section 1. Total outlays for a year shall not exceed the average annual revenue collected in the three prior years, adjusted in proportion to changes in population and inflation. Total outlays shall include all outlays of the United States except those for payment of debt, and revenue shall include all revenue of the United States except that derived from borrowing. ``Section 2. Congress may by a roll call vote of two-thirds of each House declare an emergency and provide by law for specific outlays in excess of the limit in section 1. The declaration shall specify reasons for the emergency designation and may authorize outlays in excess of the limit in section 1 for up to one year. ``Section 3. Congress shall have power to enforce this article by appropriate legislation. ``Section 4. This article shall take effect in the first year beginning at least 90 days following ratification, except that outlays may exceed the limit in section 1...