The amendment would prohibit the state from spending more in its budget than it's expected to collect in taxes.
Lawmakers are considering ways to clarify the Religious Freedom Restoration Act, but some Democrats say that won't address the real problem with the measure.
Businesses in and out of the state have been threatening to halt their economic development in Indiana because of RFRA.
Indiana's Religious Freedom Restoration Act has become the subject of fierce debate across the nation.
The governor signed the Religious Freedom Restoration Act into law this week, and legislators advanced a new energy efficiency program.
John Gregg, who Mike Pence defeated in 2012, is considering a second run for governor in 2016.
Gov. Pence's proposed budget kept nearly 13 percent of state revenue in reserve. But in their budget proposal House Republicans kept reserves below 12 percent.
House Roads and Transportation Chairman Ed Soliday, R-Valparaiso, says there are more than 1,200 motor-vehicle fees, and many are either obsolete or redundant.
In a statement, the governor said the decision came after "thorough review of the preliminary planning and careful consideration of the concerns expressed."
The governor's 2015 State of the State address will likely focus heavily on education, but it could also include tax reform.