Joint resolution proposing an amendment to the Constitution of the United States to provide a limit, established in relation to national income, on Federal revenue and expenditures.

Constitutional Amendment - Establishes for each fiscal year a revenue and expenditure limit for the Government of the United States. States that no appropriation shall be made for any fiscal year by the Congress in excess of the revenue and expenditure limit for such fiscal year. Sets forth a formula for determining the annual limit. Provides for the suspension of the limit for the extent of an emergency as determined by a vote of at least two-thirds of each House of Congress. Establishes the Revenue and Expenditure Committee for the purpose of establishing annually the revenue and expenditure limit.