A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or grave national emergency as determined by the Congress, expenditures of the United States in each fiscal year shall not exceed 20 per centum of the gross national product for the preceding calendar year, and expenditures of the United States in each fiscal year shall not exceed revenues of the United States for that fiscal year.

Constitutional Amendment - Requires the President to annually compute the gross national product of the United States. Limits the expenditures of the Government in any year to 20 percent of the gross national product of the preceding year. Requires the United States to maintain a balanced budget each year. Permits such limitations to be suspended during a period of grave national emergency or time of war by a concurrent resolution agreed to by two-thirds of the authorized membership of each House of Congress.