A joint resolution proposing an amendment to the Constitution relating to a Federal balanced budget and tax limitation.

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless the Congress authorizes a specific excess by a three-fifths vote of both Houses. Limits the rate of increase in receipts in the statement to that of the increase in national income in the previous fiscal year, unless law is enacted solely to approve specific additional receipts.

Authorizes a waiver of these provisions when a declaration of war is in effect.