Balanced Budget Constitutional Amendment bill

Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for repayment of debt principal) from exceeding receipts (except those derived from borrowing), unless three-fifths of both Houses of Congress (by roll call vote) provide for a specific excess. Directs the President, prior to each fiscal year, to transmit to the Congress a proposed budget in which outlays do not exceed receipts.

Declares that any bill to increase revenue shall become law only if approved by a majority of each House by a roll call vote, unless such bill is approved by unanimous consent.

Authorizes a waiver of these provisions when: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of each House of the Congress, which becomes law.