Balanced Budget Amendment

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to agree on an estimate of total receipts (except those derived from borrowing) for that fiscal year by enactment of a joint single subject resolution. Prohibits outlays for that year (except those for repayment of debt principal) from exceeding this amount unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

Requires the Congress, whenever actual outlays exceed actual receipts for any fiscal year, to provide by law for the repayment of the excess in the ensuing fiscal year.

Requires a three-fifths roll call vote of each House to increase the public debt.

Directs the President to submit a balanced budget to the Congress.

Requires the approval of a majority of the total membership of each House by roll call vote before any bill to increase revenue may become law.

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