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

Constitutional Amendment - Prohibits the United States from ever contracting any public debt except in the cases and manners provided in this article.

Exempts the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from any limitation imposed by this Article.

Allows the United States to borrow money to repel invasion, suppress insurrection, or defend the United States in time of war, if the money raised is applied exclusively to the object for which the loan was authorized or to the repayment of such debt.

Allows the United States to contract public debt to acquire, construct, develop, extend, enlarge, or improve land, waters, property, highways, railways, buildings, equipment, or facilities for public purposes or to make funds available for veterans' housing loans, if the President determines and the Congress concurs by a majority vote that to prevent an unacceptable reduction in economic growth that would raise unemployment or diminish family income, it is essential for the United States to provide for such needed capital investments by contracting public debt.

Allows the United States to contract public debt to fund or refund the whole or any part of indebtedness incurred before this Article takes effect.

Requires this article to take effect beginning with the later of FY 2002 or the second fiscal year beginning after its ratification.