A joint resolution to amend the Constitution of the United States to provide for balancing Federal outlays and receipts.

Constitutional Amendment - Prohibits total outlays of the Government from exceeding total receipts in any fiscal year. Permits a deficit in the first fiscal year beginning after ratification of this article of not more than half of the deficit for the preceding year.

Authorizes a budget in which outlays exceed receipts in the case of a national emergency declared by the Congress with the concurrence of two-thirds of the Members of both Houses.