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

In Plain Language

This proposal would change the Constitution to require the federal government to balance its budget each year—spending no more money than it takes in—unless Congress votes to allow overspending by a three-fifths majority. The government could borrow to pay back old debts, but raising the debt limit would also need a three-fifths vote. Any bill that increases taxes would need a simple majority vote to pass. The President would have to submit a balanced budget each year, though Congress could waive these rules during wartime or if there's an immediate military threat.

Official Congressional Research Service summary

This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment requires a three-fifths roll call vote of each chamber to increase the public debt limit. It prohibits a bill to increase revenue from becoming law unless it has been approved by a majority roll call vote of each chamber. The amendment also requires the President to submit an annual budget in which total outlays do not exceed total receipts. Congress may waive these requirements due to a declaration of war or a military conflict that causes an imminent and serious military threat to national security.