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

Constitutional Amendment - Requires the Congress and the President, prior to each fiscal year, to agree on an estimate of total receipts for that fiscal year by enactment of a law devoted solely to that subject. Prohibits outlays for that year from exceeding this amount unless the Congress, by a two-thirds roll call vote of each House, authorizes a specific excess of outlays over receipts.

Requires a two-thirds roll call vote of each House to increase the public debt.

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

Requires a two-thirds roll call vote of the total membership of each House before any bill to increase revenue may become law.

Waives these provisions when a declaration of war is in effect.

Grants the President the authority to disapprove any appropriation or provision and approve any other appropriation or provision in the same appropriation bill.