Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation and to allow an item veto of appropriations.

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to agree on an estimate of total receipts (except those derived from borrowing) for that fiscal year by enactment of a joint single subject resolution. Prohibits outlays for that year (except those for repayment of debt principal) from exceeding this amount unless the Congress, by a three-fifths rollcall vote of each House, authorizes a specific excess of outlays over receipts.

Requires the Congress, whenever actual outlays exceed actual receipts for any fiscal year, to provide by law for the repayment of the excess in the ensuing fiscal year.

Requires a three-fifths rollcall vote of each House to increase the public debt.

Directs the President to submit a balanced budget to the Congress.

Requires the approval of a majority of the total membership of each House by rollcall vote before any bill to increase revenue may become law.

Waives these provisions when a declaration of war is in effect.

Excludes from total receipts those derived from borrowing. Excludes from total outlays those for the repayment of debt principal.

Authorizes the President to approve any appropriation or provision and disapprove any other appropriation or provision in the same appropriation bill (item veto). Requires the return of a copy of such appropriation or provision to the original House for procedures as in the case of other bills disapproved by the President.