Does the Balanced Budget Amendment go far enough?

Does this go far enough?

That is why I am co-sponsoring HJR 2, which would amend the Constitution to require a balanced budget. Our proposal makes common-sense exceptions for times of declared war, and would allow Congress in times of emergencies to override the requirement with a three-fifths vote in the House and Senate. It would also require a three-fifths vote in both houses to raise the debt limit. The amendment would go into effect two years after ratification, giving Congress time to balance its budget in a responsible way.

Solution to our deficit problem: Balanced budget amendment