SUMMARY AS OF:
11/13/2007--Introduced. Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess of outlays over receipts. Requires a two-thirds rollcall vote of each chamber to increase the public debt limit. Directs the President to submit a balanced budget to Congress annually. Requires a two-thirds rollcall vote of each chamber for final adoption of any bill to increase the internal revenue. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.