A joint resolution proposing an amendment to the Constitution of the United States which prohibits any deficit in the budget of the United States except in any fiscal year during which the United States is at war or during which a state of emergency has been declared by the Congress.

Constitutional Amendment - Prohibits expenditures from exceeding revenues during any fiscal year and from exceeding an amount equal to 20 percent of the gross national product of the United States during the last calendar year which ends before the beginning of such fiscal year.

Permits the suspension, during any fiscal year, of the prohibition relating to expenditures in excess of 20 percent of the gross national product, but only if the Congress requires that the total amount of expenditures does not exceed an amount determined pursuant to other appropriate criteria established by the Congress.

Directs that, if in any fiscal year the total amount of revenues exceeds the total amount of expenditures, such expenditures shall be used for the purposes of reducing the public debt of the United States or providing tax relief for taxpayers.

Declares that the prohibitions of this article shall not apply during a fiscal year during any part of which the United States is at war.

Permits a suspension of this article during a state of national emergency as declared by a two-thirds vote of the Congress.