Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to agree on an estimate of total receipts (except those derived from borrowing) for that fiscal year by enactment of a law devoted solely to that subject. Prohibits outlays for that year (except those for repayment of debt principal) from exceeding this amount unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

Requires a three-fifths roll call vote of each House to increase the public debt.

Directs the President to submit a balanced budget to the Congress.

Requires the approval of a majority of the total membership of each House by roll call vote before any bill to increase revenue may become law.

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

Makes this article effective beginning with FY 1995 or with the second fiscal year after its ratification, whichever is later.