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

Constitutional Amendment - Prohibits total outlays from exceeding total receipts, unless a three-fifths vote of both Houses authorizes a specific excess.

Declares that total receipts include all receipts of the United States except those derived from borrowing or retirement trust funds. Declares that total outlays include all outlays except those for retirement trust funds or repayment of debt principal.

Directs the President to submit a balanced budget.

Authorizes the Congress to waive these provisions when a declaration of war is in effect.

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

Makes this amendment effective the second fiscal year beginning after its ratification. Declares that if there is a Federal budget deficit for the first fiscal year beginning after its ratification, then during the next five fiscal years, the annual budget deficit may not exceed specified percentages of that budget deficit for each of those years.