A joint resolution proposing an amendment to the Constitution to require that outlays of the United States in any fiscal year be no more than a certain percentage of the gross national product, and for other purposes.

Constitutional Amendment - Prohibits Federal outlays in any fiscal year (excluding outlays for repaying debt principal) from exceeding: (1) total estimated receipts for that fiscal year (excluding receipts derived from borrowing); or (2) a specified percentage of the gross national product (GNP) for the most recent 12-month period for which the President may determine such amount. Provides that the applicable percentage of GNP shall be 23 percent, 22 percent, 21 percent, and 20 percent for the first, second, third, and each subsequent fiscal year, respectively, to which this article applies.

Permits the Congress to supersede such prohibition and provide for a specific excess of outlays only by passing, by a two-thirds vote of each House, a bill which becomes law.

Directs the President, before each fiscal year, to transmit to the Congress a proposed statement of receipts and outlays for such year consistent with this article. Prohibits total receipts for any fiscal year as set forth in an adopted statement from increasing, except as a result of an increase in national income, unless a bill providing for specific additional receipts is passed by a two-thirds vote of each House of Congress and such bill becomes law.

Permits the Congress to waive this article for any fiscal year for which a declaration of war is in effect.