Proposing a balanced budget amendment to the Constitution of the United States.

This proposal would change the Constitution to require the federal government to live within its means each year. In most years, the government could not spend more than it takes in. The President would have to submit a budget that does not spend more than the government collects. Congress could allow extra spending only with a three-fifths vote in both the House and Senate. These limits could also be set aside during a declared war or a serious, urgent military threat. Paying back the main amount of existing debt would not count as new spending, and money raised by borrowing would not count as income. Raising the nation’s debt limit would also need a three-fifths vote. Any bill that raises taxes would need a recorded majority vote in both chambers to become law .

• Who is affected: The federal government, including Congress and the President, and indirectly all taxpayers and people who rely on federal programs, since spending and taxes could be harder to change .

Key points:

• Spending can’t be higher than income each year unless three-fifths of both chambers approve the extra spending .
• The President must propose a balanced budget each year .
• Debt limit increases require a three-fifths vote in both chambers .
• Tax increases need a recorded majority vote in both chambers .
• Exceptions apply during a declared war or a serious, imminent military threat to national security .