A joint resolution proposes a constitutional amendment requiring a balanced budget and setting procedures for budget stabilization and appropriations.

The proposed amendment mandates a biannual appropriations process and requires Congress to establish a budget stabilization fund. The President must submit a two-year budget ensuring outlays do not exceed receipts. The amendment also creates a commission to recommend reforms if the national debt exceeds 60% of the GDP. The President can veto specific provisions of appropriation bills if outlays exceed revenues, though Congress can override with a three-fourths majority vote.

A joint resolution proposes a constitutional amendment requiring a balanced budget and setting procedures for budget stabilization and appropriations.

The proposed amendment mandates a biannual appropriations process and requires Congress to establish a budget stabilization fund. The President must submit a two-year budget ensuring outlays do not exceed receipts. The amendment also creates a commission to recommend reforms if the national debt exceeds 60% of the GDP. The President can veto specific provisions of appropriation bills if outlays exceed revenues, though Congress can override with a three-fourths majority vote.