Proposes a constitutional amendment that would cap federal spending at the average of the prior three years' revenue, adjusted for population and inflation, and require a two-thirds vote of each House to raise taxes.

• Limits total federal expenditures, excluding debt payments, to the average annual receipts of the prior three years, adjusted for citizen population growth and inflation
• Allows Congress to exceed the limit for specific expenditures by a two-thirds roll call vote of each House, or by a simple roll call vote during a declared war
• Requires approval by two-thirds of the whole number of each House by roll call vote for any bill that creates a new tax or raises a tax rate
• Takes effect with the fifth year beginning after ratification by three-fourths of the states

• Judiciary Committee (House)

Economics and Public Finance