The proposed constitutional amendment aims to establish strict fiscal controls on the United States government. It mandates that total outlays for any fiscal year shall not exceed total receipts , and also limits total outlays to 18 percent of the gross domestic product , unless a two-thirds majority of both Houses of Congress votes to approve an exception. The President would be required to submit a budget adhering to these constraints, ensuring fiscal responsibility from the executive branch. Furthermore, the amendment stipulates that any bill imposing a new tax or increasing tax rates would require a two-thirds majority vote in both chambers of Congress. Increasing the debt limit would necessitate a three-fifths majority vote by rollcall. These stringent provisions can be waived during a declared war or a serious military conflict posing an imminent threat to national security, provided a majority or three-fifths vote, respectively, approves the waiver for specific excesses.