PROPOSED AMENDMENT TO THE UNITED STATES CONSTITUTION- BALANCE BUDGET
The total budgetary outlays (expenditures, loan guarantees, entitlements, etc). for any fiscal year shall be less than or equal to 20% of the Gross Domestic Product GDP of all goods and services for the previous fiscal year. Further the entitlements (all payments to individuals , corporations , institutions , or other legal entities who fit certain qualifications but wherein the total spending is not proscribed) shall be less than or equal to 10% of the GDP of all goods and services for the previous fiscal year. All spending for National Security shall be limited to 3% of GDP. This 3% includes all agency operations covert or overt related to such Security, including nuclear weapons, CIA, DIA, etc.
The total budgetary outlays (expenditures, loan guarantees, entitlements, etc). for any fiscal year shall equal the total revenues (taxes, fees, duties, etc.) collected that year.
The terms of this amendment may be temporarily waived for a period not to exceed one year, in the case of a clear and present national emergency. The declaration of such an emergency shall require a two-thirds vote of both houses of Congress and agreement by the President. Such a declaration of emergency can only be extended to a second year. A two-thirds vote of all citizens voting on the next normal annual federal election day shall be required to extend the emergency for each additional year after the first two. All individuals and corporations shall pay a minimum federal income tax of 10% of their total cash flow above the local poverty level. The above requirements must be followed to reduce this level after a balanced budget is sustained thru two business cycles.
The Congress shall pass laws that are necessary and proper for carrying out this amendment. In particular, Congress shall pass laws distributing entitlement funds on a equal basis to all eligible in a given year. Amounts may vary year-to-year as needed to comply with provisions of this amendment. The repayment and retirement of past debt shall have the highest priority. Further, enhancing revenues and reducing outlays below these limitations shall have the next highest priority.