Proposing an amendment to the Constitution of the United States requiring a balanced budget for the Federal Government.

Summary

Proposes amending the Constitution to cap federal spending each year at the average revenue collected over the prior three years, adjusted for population growth and inflation. Congress could override the cap with a two-thirds vote in both chambers, or during a declared war. The amendment would also ban any new taxes without a two-thirds vote. It passed the House but fell short of the two-thirds supermajority needed for constitutional amendments.