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

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 a three-fifths vote of both Houses authorizes a specific excess.

Prohibits any increase in the public debt unless three-fifths of both Houses of the Congress enacts legislation permitting otherwise.

Permits any revenue-increasing bill to become law only if approved by a majority of the whole number of both the Senate and the House of Representatives by rollcall vote.

Directs the President to submit a balanced budget to the Congress. Authorizes an alternative budget in which total outlays exceed receipts, if accompanied by an explanation of the need for the excess.

Waives these provisions automatically when a declaration of war is in effect. Authorizes their waiver during other military conflicts, but only by joint congressional resolution that becomes law.