A joint resolution to amend the Constitution of the United States to provide for balanced budgets and a limitation upon the outlays of the Government.

Constitutional Amendment - Directs the Congress to assure that the total outlays of the Federal Government in any fiscal year do not exceed: (1) its receipts for such year; and (2) 20 percent of the gross national product for the preceeding calendar year.

Authorizes the Congress to waive such restrictions in the case of a national emergency.