A joint resolution to amend the Constitution of the United States to require a balanced Federal budget.

Constitutional Amendment - Provides that the Congress shall seek to 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.

Directs the President to ascertain the total receipts and outlays of the Government during each fiscal year. Provides that if the total receipts are less than the total outlays, the President shall determine the percentage rate of income tax surtax to be imposed to equal the amount by which such total receipts are less than total outlays.

Provides that the income tax surtax, which would otherwise be in effect for the year, may be suspended in case of a grave national emergency declared by Congress.