Untitled section

That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification: — 1. Expenditures and receipts shall be balanced, which may occur over more than 1 year. Expenditures shall include all expenditures of the United States except those for payment of debt, and receipts shall include all receipts of the United States except those derived from borrowing. Congress shall achieve balance within 10 years following the date of the ratification of this article. 2. For emergency situations, Congress may, for limited times, authorize expenditures exceeding those allowable under section 1, if two-thirds of the House of Representatives and the Senate agree to pass the bill. Debts incurred from such expenditures shall be paid as soon as practicable..