A resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Constitutional Amendment - Provides that the Congress shall assure that the total outlays of the Government during any fiscal year do not exceed the total receipts of the Government during such fiscal year and that the Federal indebtedness is eliminated by the fourth fiscal year after ratification of this Amendment.

States that, in case of a national emergency, Congress may determine that total outlays may exceed total receipts, provided that such deficit shall not exceed ten percent.

Requires that Government receipts exceed outlays by five percent of the Federal indebtedness during the fifty years after ratification of this Amendment.