The following is what is being proposed, and was proposed in the 1980s:

`Article--

`Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, 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 vote.

NOTE: The amendment can be immediately overrule by a three-fifths vote.

`Section 2. 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 vote.

NOTE: The very intentions of the amendment can be subverted by allowing Congress to borrow without providing specific taxes at the same time to extinguish the specific amount being borrowed.

`Section 3. Prior to each fiscal year, 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 receipts.

NOTE: This is a feel good provision. It sounds great and technical but is it? Have we not just learned with the recent health care proposals, how projected figures can be manipulated by our friends in government to portray legislation in which outlays and receipts are in balance when they are not?


`Section 4. No bill to increase revenue shall become law unless approved by a majority of the whole number of each House by a rollcall vote

NOTE: Well, isn’t this just dandy? Taxes may be increased by a simple majority vote in each House to keep the budget balanced. How sweet of Congress to be so thoughtful to reduce their pain in raising taxes to keep the budget balanced, while making it more difficult, a three-fifths vote, to reduce spending which is really needed to balance the budget.
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`Section 5. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. 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 resolution, adopted by a majority of the whole number of each House, which becomes law.

NOTE: The flimflamery here is most remarkable. A simple majority of each house may ignore the requirement to balance the budget by simply declaring an existing military conflict has caused an imminent and serious military threat to national security exists. So, the fox gets to say when the chickens are in peril.

`Section 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

[b]NOTE: And here it is etched in stone! The entire amendment is based upon “estimatesâ€