Joint resolution proposing an amendment to the Constitution of the United States limiting deficit spending by the Federal Government.

Constitutional Amendment - Declares that Congress shall not have power for any fiscal accounting period to draw money from the Treasury in consequence of appropriations made by law in an amount which exceeds in the aggregate the total amount of the revenues of the United States (exclusive of borrowed sums) during the previous fiscal accounting period and 5 percent of those revenues, except where Congress by two-thirds vote of both Houses during a fiscal accounting period shall determine that a national emergency requires that additional money be drawn from the Treasury during that same fiscal accounting period.