This proposed Constitutional Amendment requires the federal government to achieve a balanced budget within three years and maintain a balanced budget unless of a declared war or true national emergency.
#7 - PROPOSED AMENDMENT to the US CONSTITUTION for a BALANCED FEDERAL BUDGET
Section 1. Within three years of the ratification of this Amendment, the federal government shall spend no more than it takes in in the form of revenues from taxes, fees, and import duties on an annual basis.
Section 2. Federal borrowing shall not be considered revenues.
Section 3. The exception to Section 1 shall be in the case of Congress declaring war on a nation or group that attacks American interests, and the US military are deployed and engaging the enemy or in the event of a national emergency as declared by the President and confirmed by a three-fifths vote of both Houses of Congress.
Section 4. Should a declaration of war or national emergency take place, supplemental spending legislation must be passed by Congress through the Regular Order process.
Section 5. Any surplus of federal revenues over expenditures shall be used to reduce the national debt.
Section 6. This article shall be inoperative unless it shall have been ratified as an Amendment to the Constitution by the legislatures of three-fourths of the several states within seven years from the date of its submission according to Article V of the United States Constitution.