Proposing a balanced budget amendment to the Constitution of the United States.

H.J. Res. 55 proposes a constitutional amendment requiring the federal government to balance its annual budget, meaning total spending cannot exceed total revenue unless Congress votes to allow an exception with a three-fifths majority in both houses. Key provisions mandate the President to submit a balanced budget each year, prohibit increases to the national debt limit without a three-fifths vote, and require majority approval for tax hikes. Exceptions for declared wars or military threats posing an imminent security risk are permitted only if Congress passes a joint resolution authorizing them. If ratified by three-fourths of state legislatures within seven years, the amendment would take effect starting five years after ratification.