A joint resolution proposing an amendment to the Constitution relating to Federal budget procedures.

Constitutional Amendment - Requires the President to submit a balanced budget to the Congress prior to each fiscal year.

Requires the Congress to: (1) approve a proposed balanced budget for each fiscal year; and (2) adopt measures necessary to assure that fiscal year appropriations do not exceed revenues. Permits any bill that would cause a violation of this latter requirement to become law only if passed by two-thirds of the Senate and the House of Representatives.

Authorizes a waiver of these provisions during times of declared national emergency.