A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or national emergency to be declared by Congress, the budget of the United States must provide that the expenditures of the United States in each fiscal year shall not exceed the receipts of the United States for that fiscal year, and shall not exceed 20 percent of the average gross national product for the three calendar years immediately preceding such fiscal year.

Constitutional Amendment - Requires the Congress to adopt for the United States a budget for each fiscal year. Requires such budget to provide that the expenditures of the United States do not exceed the receipts and do not exceed 20 percent of the average gross national product of the United States for the three calendar years immediately preceding the beginning of such fiscal year.

Deems the receipts in excess of expenditures during a fiscal year to be receipts of the United States for the succeeding fiscal year or funds for the purpose of providing tax relief for taxpayers.

Permits the suspension of such prohibition by a declaration of war made by Congress or the physical inability of Congress to meet and consider such a declaration as a result of armed attack. Makes such suspension effective so long as the hostilities continue. Permits suspension of such prohibition during a state of national emergency declared by a concurrent resolution approved by a two-thirds vote of the Members of Congress. Requires any public debt incurred as a result of the adoption of such a concurrent resolution to be extinguished by the end of the fifth consecutive fiscal year.