MO HCR3

Proposes a federal balanced budget amendment requiring annual congressional expenditures to not exceed annual revenue, except for use of monetary reserves and specified exceptions.

Prohibits Congress from borrowing except for extraordinary costs of declared war or armed conflict, or for fiscal emergencies declared by Congress and signed by the President.

Allows Congress to issue special bonds for specific capital projects with 20-year repayment periods, provided cumulative total bonds never exceed 20 percent of total private sector earned income.

Amendment takes effect beginning the third fiscal year after ratification and is not construed as an application for a constitutional convention.

Directs Missouri's House and Senate to submit this resolution to Congress urging passage and submission to the states for ratification, with copies sent to congressional leadership and Missouri's congressional delegation.