Proposing an amendment to the Constitution relating to Federal budget procedures.

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays (except those for repayment of debt principal) do not exceed total receipts (except those derived from borrowing), unless a three-fifths vote of both Houses authorizes a specific excess. Limits the rate of increase in receipts in the statement to that of the increase in national income in the previous calendar year, unless law is enacted solely to approve specific additional receipts.

Directs the President to submit a balanced budget.

Authorizes waiver of these provisions in time of war.

Sets a permanent limit on the amount of Federal public debt, prohibiting any increase unless legislation enacted by a three-fifths majority of both Houses becomes law.