Proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

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 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. Waives these provisions when the United States is engaged in a military conflict which poses a threat to national security as declared by a joint resolution adopted by a majority of each House.