Joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget.

Constitutional Amendment - Requires the President and the Speaker of the House of Representatives to review, at specified times, the estimated revenue and budgeted expenditures of the Government and, if expenditures are found to exceed revenues, to levy a surtax so that receipts equal expenditures.

Authorizes the suspension of such measures in the case of a grave national emergency declared by Congress.