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

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such year.

Establishes a schedule for achieving such a balance by the third fiscal year after ratification of this amendment. Directs the President, at such time, to make recommendations to the Congress for the discharge of the Federal debt.

Permits outlays to exceed receipts in time of declared national emergency, but requires any deficit to be made up within four fiscal years following the end of such emergency.