Aside from holding Congress to the outlay-receipt language and the 18 percent rule, the amendment would also require the president to submit proposed budgets each year that meet these requirements.
Section 4 of the amendment would require any bill imposing a new tax or increasing the statutory tax rate be approved by a two-thirds vote in each House of Congress.
Waivers for some of these provisions would be permitted when the U.S. is at war with a nation-state, by a majority vote in the House and Senate, or is engaged in hostilities related to a serious military threat to U.S. national security, by a three-fifths majority vote in each chamber.
The language also holds that no court can order an increase in government revenues in order to enforce the amendment.
Senate Republicans have pressed for passage of the amendment this week, although this is in doubt, given that passage would require a two-thirds majority in both the House and Senate before it is sent to the states for ratification.