Joint resolution proposing an amendment to the Constitution of the United States limiting the power of Congress with respect to deficit spending.

Constitutional Amendment - Provides that the Congress shall make no law which makes any appropriation for any fiscal year if the resulting total of appropriations for such year would exceed the total revenue of the United States for such year, nor shall there be expended by or on behalf of the United States during any fiscal year an aggregate amount which exceeds the total revenue of the United States for that fiscal year. Provides that as early as possible during each annual session of the Congress, and from time to time thereafter in the course of the fiscal year, the Ways and Means Committee and the Appropriations Committee in the House of Representatives, and the Finance Committee and the Appropriations Committee in the Senate, shall meet jointly: (1) to make and revise estimates of total revenues for the fiscal year; (2) to recommend to the Congress amounts of appropriations, and to revise such recommendations; (3) to examine expenditures of all agencies and other instrumentalities of the United States Government, and to recommend any necessary changes in the levels of such expenditures; and (4) to recommend to the Congress any other actions which may be necessary in order to comply with this amendment.

States that there shall be no permanent increase in the national debt and that the national debt existing on the effective date of this article shall be repaid during the one hundred-year period beginning with the first fiscal year beginning on or after the date of final ratification of this amendment at a rate such that one-tenth of such debt will be repaid during each ten-year segment of such one hundred-year period.

Provides that in time of war, declared by the Congress, or in the case of a grave national emergency, the application of the amendment may be suspended by a concurrent resolution which has passed both the Senate and the House of Representatives by an affirmative vote of at least three-fourth. Provides that such suspension shall be effective only for the two-year period of the Congress which passes such resolution.