,,ia  #aacth ,,congress  #ast ,session  
,h4 ,j4 ,,res4 #di  ,,in ,,the ,,house  
,,of ,,representatives  ,june #ad1 #bjac
 ,mr4 ,smith of ,missouri introduced the
 following joint resolution2 which was  
referred to the ,committee on the       
,judiciary  ,,joint ,,resolution        
,proposing a balanced budget amendment  
to the ,constitution of the ,united     
,states4  ,that the following article is
 proposed as an amendment to the        
,constitution of the ,united ,states1   
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 ratification3   --  #a4 
,total outlays for any fiscal year shall
 not exceed total receipts for that     
fiscal year1 unless three-fifths of the 
whole number of each ,house of ,congress
 shall provide by law for a specific    
excess of outlays over receipts by a    
rollcall vote4  #b4 ,total outlays for  

any fiscal year shall not exceed        
one-fifth of economic output of the     
,united ,states1 unless two-thirds of   
each ,house of ,congress shall provide  
for a specific increase of outlays above
 this amount4  #c4 ,the limit on the    
debt of the ,united ,states held by the 
public shall not be increased unless    
three-fifths of the whole number of each
 ,house shall provide by law for such an
 increase by a rollcall vote4  #d4      
,prior to each fiscal year1 the         
,president shall transmit to the        
,congress a proposed budget for the     
,united ,states ,government for that    
fiscal year in which total outlays do   
not exceed total receipts4  #e4 ,a bill 
to increase revenue shall not become law
 unless three-fifths of the whole number
 of each ,house shall provide by law for
 such an increase by a rollcall vote4   
#f4 ,the ,congress may waive the        
provisions of this article for any      
fiscal year in which a declaration of   
war is in effect4 ,the provisions of    

this article may be waived for any      
fiscal year in which the ,united ,states
 is engaged in military conflict which  
causes an imminent and serious military 
threat to national security and is so   
declared by a joint resolution1 adopted 
by a majority of the whole number of    
each ,house1 which becomes law4 ,any    
such waiver must identify and be limited
 to the specific excess or increase for 
that fiscal year made necessary by the  
identified military conflict4  #g4 ,the 
,congress shall enforce and implement   
this article by appropriate legislation1
 which may rely on estimates of outlays 
and receipts4  #h4 ,total receipts shall
 include all receipts of the ,united    
,states ,government except those derived
 from borrowing4 ,total outlays shall   
include all outlays of the ,united      
,states ,government except for those for
 repayment of debt principal4  #i4 ,this
 article shall take effect beginning    
with the fifth fiscal year beginning    
after its ratification4  4