FL S7204

Urges Congress to call a constitutional convention under Article V to propose an amendment requiring a balanced federal budget

Proposed amendment would require total federal outlays not exceed total receipts annually and establish a fiscal year total outlay limit

Allows Congress to waive balanced budget limits by two-thirds vote in both chambers, except during war or military conflict threatening national security

Notes national debt reached $15.2 trillion as of January 3, 2012, with Congress raising the debt limit 11 times since 2001

Revokes and supersedes all previous Florida memorials and concurrent resolutions on balanced budget amendments, including resolutions from 1976, 1988, and 2010