S.J.RES.42: A joint resolution proposing a balanced budget amendment to the Constitution of the United States.

This joint resolution proposes a constitutional amendment prohibiting total federal expenditures for a year from exceeding the average annual federal revenue collected in the three prior years, adjusted for changes in population and inflation. Expenditures for payment of debt and revenues derived from borrowing are excluded. Congress may authorize specific expenditures in excess of the limit for up to one year by declaring an emergency with a...

(Source: Library of Congress)