I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing.
Article V of the Constitution specifies that if the legislatures of two-thirds of the states apply to Congress for a constitutional amendment by means of an amendment-proposing convention, then Congress must call that convention.
So if lawmakers want to have expansionary fiscal policy during recessions, they need to pay for it by saving up during good economic times.
The rule did initially allow for "extraordinary spending" if a qualified parliamentary majority approved, but recent changes have made this spending count as normal expenditures.
A balanced budget amendment is a constitutional rule requiring that a state cannot spend more than its income.
It requires a balance between the projected receipts and expenditures of the government.