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.

Declares that actual outlays include the cost to a State of any requirement imposed upon a State by Federal law that is not paid for by the Federal Government, and the cost to a State of complying with any condition imposed by Federal law on the receipt by a State of appropriated funds, other than a condition directly and substantially related to the purpose of the appropriation.

Directs the President to submit a balanced budget.

Waives the provisions of this amendment for any fiscal year in which a declaration of war is in effect or when the United States by law 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.

Requires roll call votes in the House and Senate under this amendment.