Provisions of the balanced budget amendment rejected by the House on Friday:
_Total outlays for any fiscal year shall not exceed total receipts.
_A three-fifths majority of both the House and Senate is needed to waive the balanced budget requirement.
_A three-fifths majority of both houses is needed to raise the federal debt limit.
_The president each year must transmit a balanced budget proposal to Congress.
_Congress can waive the balanced budget requirement by simple majorities when a declaration of war is in effect or there is a serious military threat to national security.
_The amendment would go into effect the second fiscal year after its ratification or at the beginning of 2017, whichever comes later. There is no deadline imposed for three-fourths of the states to ratify the amendment.
