H.J.Res. 110 — Proposing a balanced budget amendment to the Constitution of the United States.

This section proposes a constitutional amendment requiring the Federal Government to balance expenditures and receipts, which may occur over more than 1 year, and defines expenditures to include all expenditures of the United States except debt payments and receipts to include all receipts except borrowing. It directs Congress to achieve balance within 10 years after ratification and allows, for emergency situations, two-thirds of both the House of Representatives and the Senate to authorize, for limited times, expenditures above the limits established under section 1; debts incurred from those emergency expenditures must be paid as soon as practicable. The amendment would take effect only if ratified by the legislatures of three-fourths of the States within 7 years after submission.