A joint resolution proposing an amendment to the Constitution of the United States which requires (except during fiscal years during which the United States is at war or during which suspension is approved) that the annual deficit of the United States be eliminated, which requires tax rates to be reduced to offset the effects of inflation, and which establishes a procedure for the approval of bills or joint resolutions effecting taxes.

Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenue received during such fiscal year, except in time of war declared by the Congress. Allows the suspension of this Amendment by a joint resolution approved by each House of the Congress and signed by the President, or by a vote of two-thirds of the Members of each House of the Congress.

Requires tax rates to be reduced to offset the effects of inflation. Establishes a procedure for the approval of bills or joint resolutions affecting taxes.