Proposing an amendment to the Constitution of the United States to provide that appropriations shall not exceed revenues of the United States, except in time of war or national emergency.

Constitutional Amendment - Prohibits the Congress from authorizing the withdrawal of funds from the Treasury during a fiscal year in excess of fiscal year revenue receipts (except those derived from borrowing), determined in accordance with estimates the President must determine and announce as soon as practicable after the end of each calendar year and revise at least quarterly.

Directs the President to submit to the Congress a proposed budget that meets this same balanced budget standard.

Authorizes a waiver of these provisions in time of war or national emergency.