A joint resolution proposing an amendment to the Constitution of the United States to provide that expenditures for a fiscal year shall exceed neither revenues for such fiscal year nor 19 per centum of the Nation's gross domestic product for the calendar year ending before the beginning of such fiscal year.

Constitutional Amendment - Prohibits, in any fiscal year, total Federal outlays from exceeding: (1) total receipts; and (2) 19 percent of the Nation's gross national product for the last calendar year ending before the beginning of such fiscal year. Allows such prohibitions to be suspended by a three-fifths roll call vote of each House of Congress.

Excludes receipts derived from borrowing and outlays for the repayment of debt principal from such totals.

Requires this amendment to apply to the second fiscal year beginning after its ratification.