A joint resolution proposing an amendment to the Constitution to provide that, except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.

Constitutional Amendment - Provides that the aggregate amount of expenditures made by the Government during any fiscal year shall not exceed the net amount of revenue received by the Government during that fiscal year.

States that the above provision shall not apply to any fiscal year if at any time during that fiscal year the United States is in a state of war declared by the Congress; or if, with respect to that fiscal year, the Senate and the House of Representatives agree to a concurrent resolution stating that a national economic emergency requires the suspension of the application of the above provision.