A joint resolution proposing an amendment to the constitution to provide expenditures of the Government may not exceed the revenues of the Government during any fiscal year, and for limits on Federal spending and taxing.

Constitutional Amendment - Prohibits total Government expenditures from exceeding total revenues during any fiscal year unless a concurrent resolution permitting such an excess be approved by a two-thirds vote of both Houses of Congress. States that any such concurrent resolution on the budget will be considered out of order if the budget was not balanced in more than three of the preceding eight fiscal years.

Limits any annual increase in total expenditures and revenues to 18 percent of the estimated gross national product for that fiscal year. Makes an exception to such limitation upon approval of two-thirds of the Members of both Houses of Congress.