A joint resolution proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by the Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 per centum of the gross national product of the United States during the previous calendar year.

Constitutional Amendment - Prohibits, except in time of war, Federal fiscal year expenditures from exceeding: (1) Federal revenues for that fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States; and (2) 20 percent of the gross national product for the preceding calendar year. Authorizes the Congress to suspend these prohibitions by concurrent resolution approved by a three-fifths vote of each House of Congress.

Makes this amendment effective on the first day of the first fiscal year beginning after the date of its adoption.