Proposing an amendment to the Constitution of the United States to require a balanced budget.

Constitutional Amendment - Prohibits in any fiscal year total Federal outlays from exceeding total receipts, unless a three-fifths roll call vote of both Houses of Congress authorizes a specific excess.

Prohibits any increases in the public debt unless a three-fifths roll call vote of both Houses enacts legislation permitting otherwise.

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

Permits any revenue-increasing bill to become law only if approved by a majority of the whole number of each House by roll call vote.

Waives these provisions when a declaration of war is in effect and when the United States is engaged in military conflict which causes an imminent and serious military threat to national security as declared by a joint resolution which becomes law.