Balanced Budget Amendment

Constitutional Amendment - Directs the Congress to assure that total fiscal year Federal outlays do not exceed receipts and that Federal indebtedness is eliminated.

Presents a mandatory six fiscal year timetable for achieving a balanced budget.

Permits waiver of these balanced budget requirements (not to exceed a ten percent receipt to outlay deficit) in times of national emergency, but only by roll call vote of three-fourths of the total membership of both Houses.

Requires a surplus budget with total Government receipts exceeding outlays by two and one-half percent of Federal indebtedness during the 40 fiscal years following achievement of a balanced budget.

Requires that any indebtedness ensuing after an emergency waiver shall be extinguished within three fiscal years of being incurred.