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

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless a three-fifths vote of both Houses authorizes a specific excess.

Prohibits a bill to increase receipts from becoming law unless approved by a three-fifths majority in each House.

Directs the President to submit a balanced budget.

Waives these provisions when a declaration of war is in effect or when the United States faces an imminent and serious military threat to national security.

Sets a permanent limit on the amount of Federal public debt, prohibiting any increase unless legislation enacted by a three-fifths majority of both Houses becomes law.