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

Constitutional Amendment - Requires the Congress, before each fiscal year, to adopt a statement in which total Federal outlays (except those for repayment of debt principal) do not exceed total receipts (except those derived from borrowing) , 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.

Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; or (2) the United States faces an imminent and serious military threat to national security, as declared by a joint resolution adopted by a majority of each House.

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 become law.

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