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

Constitutional Amendment - Prohibits the Congress from making appropriations for any fiscal year in an aggregate amount in excess of the estimated Federal revenues for such fiscal year.

Authorizes suspension of such prohibition in time of national emergency declared by a two-thirds vote of both Houses of Congress. Requires repayment of any resulting indebtedness within one year from the lapse of such suspension.

Prohibits any increase in the public debt of the United States and requires repayment of the existing debt within 50 years.