Proposing an amendment to the Constitution of the United States requiring a balanced budget.

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 rollcall 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.

Waives these provisions automatically when a declaration of war is in effect.