“(d) Congress shall enact a budget that ensures outlays do not exceed receipts taken in by the Government of the United States based on the average of the previous 3 years of revenue.

“(e) (1) Congress shall create a commission, to be known as the ‘Taxation, Spending, and Budget Reform Commission’, which shall meet every 10 years, until the debt of the Government of United States is not more than 60 percent of the gross domestic product of the United States.

“(2) If the debt of the Government of the United States exceeds 60 percent of the gross domestic product of the United States at the time of a meeting of the Commission—

“(A) not later than 1 year after the date of the meeting, the Commission shall provide recommendations addressing revenue, spending, and budget process reforms; and

“(B) the recommendations of the Commission shall be considered on the floor of each House of Congress.

“(b) The amount in the budget stabilization fund—

“(1) by the start of the fifth fiscal year beginning after this article takes effect, shall be not less than 5 percent of the net revenue collections for the prior fiscal year; and

“(2) by the start of the tenth fiscal year beginning after this article takes effect, shall be not less than 10 percent of the net revenue collections for the prior fiscal year.

“(c) Congress shall provide criteria for withdrawing funds from the budget stabilization fund—

“(1) in separate legislation that addresses only that purpose; and

“(2) which shall only include covering revenue shortfalls or providing funding for an emergency, as defined by an Act of Congress.

“(d) Congress shall provide for the replenishment of any funds withdrawn from the budget stabilization fund by not later than 5 years after the date of the withdrawal.

“(b) The President shall submit a 2-year budget to Congress that provides for a balanced budget along with recommendations to raise revenue or decrease spending to ensure outlays do not exceed receipts.

“(c) The President shall have the authority to veto specific provisions of any appropriation bill passed by Congress, in the event that the projected outlays exceed projected revenues.

“(d) Congress may override a line-item veto of a specific provision of an appropriation bill by the President upon an affirmative vote of not less than three-fourths of the Members of each House of Congress.

“(d) Congress shall enact a budget that ensures outlays do not exceed receipts taken in by the Government of the United States based on the average of the previous 3 years of revenue.

“(e) (1) Congress shall create a commission, to be known as the ‘Taxation, Spending, and Budget Reform Commission’, which shall meet every 10 years, until the debt of the Government of United States is not more than 60 percent of the gross domestic product of the United States.

“(2) If the debt of the Government of the United States exceeds 60 percent of the gross domestic product of the United States at the time of a meeting of the Commission—

“(A) not later than 1 year after the date of the meeting, the Commission shall provide recommendations addressing revenue, spending, and budget process reforms; and

“(B) the recommendations of the Commission shall be considered on the floor of each House of Congress.

“(b) The amount in the budget stabilization fund—

“(1) by the start of the fifth fiscal year beginning after this article takes effect, shall be not less than 5 percent of the net revenue collections for the prior fiscal year; and

“(2) by the start of the tenth fiscal year beginning after this article takes effect, shall be not less than 10 percent of the net revenue collections for the prior fiscal year.

“(c) Congress shall provide criteria for withdrawing funds from the budget stabilization fund—

“(1) in separate legislation that addresses only that purpose; and

“(2) which shall only include covering revenue shortfalls or providing funding for an emergency, as defined by an Act of Congress.

“(d) Congress shall provide for the replenishment of any funds withdrawn from the budget stabilization fund by not later than 5 years after the date of the withdrawal.

“(b) The President shall submit a 2-year budget to Congress that provides for a balanced budget along with recommendations to raise revenue or decrease spending to ensure outlays do not exceed receipts.

“(c) The President shall have the authority to veto specific provisions of any appropriation bill passed by Congress, in the event that the projected outlays exceed projected revenues.

“(d) Congress may override a line-item veto of a specific provision of an appropriation bill by the President upon an affirmative vote of not less than three-fourths of the Members of each House of Congress.