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

Constitutional Amendment - Prohibits Federal expenditures from exceeding revenues for any fiscal year unless three-fifths of the whole number of each House of Congress provides by law for a specific excess of expenditures over revenues by a rollcall vote.

Authorizes Congress to waive such prohibition when: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious military threat to national security as declared by a joint resolution that is adopted by a majority of each House and that becomes law.

Declares that: (1) total revenues shall include all Federal receipts except those derived from borrowing; and (2) total expenditures shall include all Federal outlays except those for repayment of debt principal.