Proposing an amendment to the Constitution to provide for a balanced budget of the United States Government.

Constitutional Amendment - Requires the President, prior to each fiscal year, to transmit to the Congress a proposed budget for that year in which total expenditures (except those for repayment of debt principal) do not exceed total receipts (except those derived from borrowing). Provides that if the President transmits to the Congress a declaration of National Economic Urgency for that fiscal year and if such declaration identifies the amount of excess expenditures required to meet national needs, budgetary resources equivalent to the amount of excess expenditures shall become eligible for appropriation only if Congress approves such declaration by a majority rollcall vote in each House.

Prohibits the Congress from approving a budget for any fiscal year which is estimated to result in a higher amount of total expenditures than those recommended by the President for that fiscal year.

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