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

Constitutional Amendment - Prohibits Federal outlays from exceeding receipts for any fiscal year, unless three fifths of each House of Congress, and the President, or two thirds of each House of Congress in the event of the President's veto, provide by law for a specific excess of outlays over receipts.

Sets as a permanent limit on the Federal public debt the amount of such debt as of the first day of the second fiscal year beginning after the ratification of this article. Prohibits any increase in such amount unless provided by law enacted in the same manner as a specific excess of outlays over receipts.

Requires the President to propose a balanced budget before each fiscal year. Declares that failure to do so shall disempower the President to veto the budget resolution approved by the Congress for that fiscal year.

Excludes from total receipts those derived from net borrowing, and from total outlays those for repayment of debt principal. States that the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Land and Water Conservation Fund shall not be counted as receipts or outlays.

Makes this article effective as of FY 2010.