A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Constitutional Amendment - Requires the Congress to assure that the total outlays of the Government do not exceed its total receipts during any fiscal year. Provides for the phased implementation of this requirement after the ratification of this amendment.

Permits expenditures to exceed national revenues in time of national emergency, but never by more than ten percent.

Provides that during the fourth fiscal year beginning after the ratification of this amendment and for the 39 succeeding fiscal years, the total receipts of the Government shall exceed outlays by an amount equal to two and a half percent of the Federal indebtedness at the beginning of the fourth fiscal year.

Requires the elimination, within three fiscal years, of any indebtedness incurred as a result of a national emergency.