A joint resolution proposing an amendment to the Constitution relating to Federal budget procedures.

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are not greater than total receipts. Permits the Congress, in such statement, to provide for a specific excess of outlays over receipts by a three-fifths vote. Requires the President and the Congress to ensure that actual outlays do not exceed the outlays set forth in such statement.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the increase in national income in the last calendar year, unless a bill directed solely to approving specific additional receipts is enacted.

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

Declares that total receipts shall include all receipts of the United States, except those derived from borrowing, and total outlays shall include all outlays of the United States, except those for repayment of debt principal.