H.J.Res. 17 — Proposing a balanced budget amendment to the Constitution of the United States.

This section proposes a constitutional amendment requiring that, beginning with the fifth fiscal year after ratification, total outlays of the United States Government not exceed total receipts for that fiscal year, unless two-thirds of the whole number of each House of Congress approves a specific excess of outlays over receipts by rollcall vote. It also requires the President, before each fiscal year, to submit a proposed budget in which outlays do not exceed receipts, and directs Congress to enforce the amendment through appropriate legislation that may rely on estimates of outlays and receipts. As defined in the amendment, total receipts exclude borrowing and total outlays exclude debt principal repayment. The amendment would take effect only if ratified by the legislatures of three-fourths of the States within 7 years after submission.