US HJR139

Proposes a constitutional amendment requiring annual federal expenditures not exceed the average receipts collected over the three prior years, adjusted for population and inflation changes

Excludes debt payments from the expenditure limit and excludes borrowed funds from receipt calculations

Allows Congress to exceed the spending limit through a two-thirds roll call vote in both chambers, or by simple roll call vote during a declared war

Requires two-thirds approval in both chambers for any new tax or tax rate increase

Takes effect five years after ratification by three-fourths of state legislatures