Proposing an amendment to the Constitution of the United States to serve as a "Taxpayer's Bill of Rights" by requiring a reduction in the deficit, a balancing of the budget, and a limitation on revenues, and for other purposes.

Constitutional Amendment - Requires the budget deficit for the fiscal year in which this Act is ratified to be reduced in the succeeding fiscal years such that the deficit, if any, in the succeeding fiscal years may not exceed the indicated amount of the deficit for the fiscal year (FY) in which this Act is ratified, as follows: (1) for the first FY after ratification, 80 percent; (2) for the second FY, 60 percent; (3) for the third FY, 40 percent; and (4) for the fourth FY, 20 percent.

Prohibits, after the fourth FY after ratification, expenditures from exceeding receipts unless such expenditures are authorized by a law approved by three-fifths of each House of the Congress.

Prohibits, beginning with the first FY after ratification, the total amount of revenues from exceeding 20 percent of the gross national product for the preceding FY unless authorized by a law approved by three-fifths of each House of the Congress.

Requires, beginning with the sixth FY beginning after ratification and continuing until the national debt is extinguished, each fiscal budget to include a debt reduction payment equal to at least four percent of the total receipts.

Allows the Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect. Requires reducing any deficit that occurs as a result of such war within five fiscal years after the war following procedures set forth in this Act.

Grants the President item veto authority over any appropriation in a bill or joint resolution.