A joint resolution proposing an amendment to the Constitution of the United States limiting annual increases in Federal budget outlays and new Federal budget authority.

Constitutional Amendment - Prohibits total budget outlays and total new budget authority for any fiscal year from exceeding the corresponding levels for the preceding fiscal year by a percentage greater than the average annual percentage of increase in the gross national product during the three preceding calendar years.

Permits suspension of such limitation for a two-year term of the Congress in time of war or national emergency by a concurrent resolution agreed to by three-fourths of the authorized membership of each House.