A joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget.

Constitutional Amendment - Requires Congress, before the start of each Federal fiscal year, to estimate Federal revenue and mandatory Federal outlays during such fiscal year, and then to limit the total budget authority for such fiscal year to insure that the total budget outlay does not exceed the estimated revenue for such fiscal year, plus any available surplus from preceding fiscal years.

Requires Congress, if actual revenue is less than the total outlay during such fiscal year, to provide for the dissolution of the difference within the next two succeeding fiscal years.

Provides for a waiver of such requirements only when Congress determines by a two-thirds vote of both Houses within 21 days of each other that a national emergency exists of an economic or a defense nature.