A joint resolution proposing an amendment to the Constitution to provide that, except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.

Constitutional Amendment - Prohibits total Federal expenditures from exceeding net revenue. Authorizes suspension of such prohibition in time of war or national economic emergency upon the concurrence of two-thirds of the Members of each House of Congress.

Requires the Congress, with respect to the suspension of such prohibition in the case of a national economic emergency, to take into consideration the extent and rate of industrial activity, unemployment, and inflation, and other appropriate factors.