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

Constitutional Amendment - Requires the Congress, prior to 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 each House 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 suspension of these provisions for any fiscal year in which the Congress has declared war.