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

This proposal would change the U.S. Constitution to require the federal government to balance its budget each year. In most years, the government could not spend more money than it collects. Congress could allow extra spending only if at least two-thirds of both the House and Senate vote for it. The President would also have to submit a yearly budget that does not spend more than expected revenue. Certain items are excluded from the cap, like paying back the principal on existing debt and money the government takes in by borrowing . It is a proposed constitutional amendment about a “balanced budget” .

• Who is affected: Federal budget makers (Congress and the President); the overall federal budget and services could be impacted by limits on spending .
• What changes: Annual spending could not exceed annual revenue unless two-thirds of each chamber approves; the President must submit a balanced budget; debt principal payments and borrowed funds are excluded from the limit .
• When: The provided text does not list an effective date; it is a proposed constitutional amendment .