Second District Congressman Rudy Yakym introduced a Balanced Budget Amendment to the United States Constitution, the first legislation he has authored as a Member of Congress.

Prior to introducing the Balanced Budget Amendment, Congressman Yakym spoke on the floor of the U.S. House of Representatives in support of his legislation and the need to get our nation’s fiscal house in order.

Balanced Budget Amendment Provisions:

• Total outlays for any fiscal year shall not exceed total receipts, unless three-fifths of Congress approves in a roll call vote.
• A debt limit increase requires a three-fifths roll call vote in Congress.
• Before each fiscal year, the President must transmit a budget to Congress in which total outlays do not exceed total receipts.
• Bills to increase revenue must be approved by a majority of Congress in a roll call vote.
• Congress may waive the aforementioned requirements if a declaration of war is in effect or if Congress declares that the U.S. is engaged in military conflict that causes an imminent and serious military threat to national security; national security waivers must specifically lay out the budgetary increases made necessary by the conflict.
• Congress will enforce the amendment and may rely on estimates of outlays and receipts.
• Total receipts is defined as all receipts except those derived from borrowing; total outlays is defined as all outlays of the U.S. government except for those for debt principal repayment.
• The amendment takes effect in the fifth fiscal year after its ratification.