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

Constitutional Amendment - Requires the Congress, before the beginning of 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 a law is enacted solely to approve specific additional receipts.

Authorizes a waiver of these provisions when a declaration of war is in effect.