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

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

Requires a three-fifths roll call vote of each House to increase the public debt.

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

Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; (2) the United States faces an imminent and serious military threat to national security as declared by a joint resolution which becomes law; or (3) the President certifies and Congress affirms by a joint resolution that the United States is experiencing an economic recession.

Excludes from consideration as part of Government total receipts and outlays: (1) receipts derived from borrowing and outlays for repayment of debt principal; and (2) receipts and outlays for benefits and administrative expenses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund that provide earnings-based old-age and survivor or disability cash benefits for individuals and their dependents.

Allows any enforcement or implementation legislation of the Congress to rely on estimates of outlays and receipts.

Makes this article effective beginning with FY 2002 or with the second fiscal year beginning after its ratification, whichever is later.