A joint resolution proposing a constitutional amendment to balance the Federal budget, limit Federal spending, and prevent an increasing share of the national income from being consumed by the Federal government.

Constitutional Amendment - Directs the Congress to assure that the total outlays of the Government, including off-budget outlays, do not exceed its total revenues during any fiscal year.

Prohibits the percentage increase in Government outlays for any fiscal year from exceeding the percentage increase in the nominal gross national product for the preceding calendar year. Reduces such permissible percentage increase in total outlays in any fiscal year following a calendar year in which the inflation rate exceeded three percent.

Authorizes the Congress to waive such requirements for one fiscal year upon the adoption, by 60 percent of the Members of each House, of a concurrent resolution specifying permissible levels of outlays and revenues. Requires any further concurrent resolution concerning the level of outlays and revenues for such year to be adopted by 75 percent of all the Members of each House.