A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such fiscal year.

Permits total outlays to exceed receipts if the Congress determines a national emergency exists.

Provides that during the fifth fiscal year beginning after the ratification of this amendment and for the next 24 succeeding fiscal years thereafter, the total receipts of the Government shall exceed outlays by an amount equal to four percent of the Federal indebtedness at the beginning of the fifth fiscal year.