A joint resolution proposing an amendment to the Constitution of the United States to limit the expenditure of Government funds for any fiscal year to the projected revenue of the Government for that year and to limit the outstanding debt of the United States to thirty percent of the projected gross national product.

Constitutional Amendment - Prohibits total Federal expenditures from exceeding estimated revenues during any fiscal year. Prohibits the total outstanding debt of the United States from exceeding 30 percent of the gross national product.

Suspends such prohibitions during a declared war or upon the adoption of a joint resolution, approved by the President, stating that a national emergency so requires.

Permits expenditures to exceed revenues in any fiscal year for which the Congress projects a real growth rate of the economy of less than three percent. Requires any resulting deficit to be extinguished within five fiscal years.