A joint resolution proposing an amendment to the Constitution of the United States relative to balancing of the budget and reducing the public debt.

Constitutional Amendment - Directs the President to estimate the level of Federal receipts for the ensuing fiscal year at the beginning of each regular session of Congress. Prohibits the Congress from authorizing outlays which exceed such estimate during the ensuing fiscal year.

States that beginning with the fifth fiscal year after the effective date of this amendment, and for each of the succeeding 20 fiscal years, five percent of the receipts of the Government shall be available only to reduce the public debt.

Authorizes suspension of such requirements for one year in time of war or grave national emergency upon the concurrence of three-fourths of the Members of both Houses of Congress.