Proposing an amendment to the Constitution of the United States to provide for budgetary reform by requiring the reduction of the deficit, a balanced Federal budget, the repayment of the national debt, and establishing line item veto authority for the President.

Constitutional Amendment - Directs the President, beginning with FY 1997 or the first fiscal year after ratification, whichever is later, to submit a budget of revenues and outlays to Congress. Requires the Congress to adopt a budget that reduces the deficit existing the year prior to ratification by not less than ten percent per year in order to balance the budget within ten fiscal years.

Requires a balanced budget by the 11th year after ratification.

Requires, beginning with the 11th year, that revenues exceed outlays in order to provide for the reduction of the outstanding gross Federal debt. Requires the reduction to amortize the debt over the next 20 years in order to repay the entire debt by the end of the 30th year after ratification.

Allows the waiver of aforementioned requirements when a declaration of war is in effect.

Grants the President line-item veto authority in appropriation bills.

Directs the Congress to review revenues on a quarterly basis and make adjustments to comply with this Act.