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

Constitutional Amendment - Directs the Congress, in exercising its powers, to assure that total fiscal year Federal outlays do not exceed receipts and that Federal indebtedness is eliminated.

Presents a mandatory three fiscal year timetable for achieving a balanced budget, permitting a ten percent receipt to outlay deficit during the first fiscal year after ratification, and decreasing the permissible deficit by five percent for the succeeding two fiscal years, until a totally balanced budget is achieved.

Permits waiver of these balanced budget requirements (not to exceed a ten percent receipt to outlay deficit) in times of national emergency, but only by rollcall vote of three-fourths of the total membership of both Houses.

Requires a surplus budget with total Government receipts exceeding outlays by two and one-half percent of Federal indebtedness during the 40 fiscal years following achievement of a balanced budget. Applies the surplus to eliminating Federal indebtedness. Permits a waiver under emergency circumstances.