Total expenditures for a year shall not exceed the average annual receipts collected in the three prior years, adjusted for population changes and inflation.
"Total expenditures for a year shall not"
Congress may override the balanced budget requirement with a two-thirds vote in each House for specific expenditures.
"Congress may by a roll call vote"
A two-thirds vote in each House is required to pass any bill that levies a new tax or increases an existing tax rate.
"Any bill to levy a new tax"
The amendment will take effect five years after ratification.
"take effect with the fifth year"
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