A joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget, the limitation of expenditures and the reduction of the public debt.

Constitutional Amendment - Prohibits expenditures in any fiscal year, except for expenditures for the repayment of debt, from exceeding revenues collected in that year or one-fifth of the average gross national product for the previous three years.

Permits borrowing for capital expenditures for a period of time proportionate to their probable usefulness.

Directs Congress to provide by law for the repayment of the national debt.

Allows this amendment to be suspended for any fiscal year whenever two-thirds of both Houses shall deem it necessary.