S. 4268 — A bill proposing a balanced budget amendment to the Constitution of the United States.

This bill proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal,receipts derived from borrowing,receipts or outlays of the Social Security and Medicare trust funds, andoutlays relating to a natural disaster if the act providing the funds explicitly exempts the funds from the requirement and is agreed to by a majority of each chamber of Congress.The amendment requires the President to annually submit to Congress a budget in which total outlays do not exceed total r...