A joint resolution proposing an amendment to the Constitution of the United States to limit the expenditure of Government funds during any fiscal year to the total revenue of the Government as projected by the Congress for such year.

Constitutional Amendment - Prohibits the total expenditure of Government funds during any fiscal year from exceeding the total revenue of the Government as projected by the Congress for that fiscal year.

Permits a suspension of such prohibition with respect to any fiscal year during any part of which the United States is in a state of war declared by Congress or any fiscal year that a national emergency exists and the Congress, by a two-thirds vote of each House, adopts a joint resolution stating that such national emergency requires a suspension. Requires such joint resolution to be approved by the President. Permits the total expenditures during any such fiscal year to exceed the total revenue as projected by Congress by two percent.

Requires any deficit to be extinguished by the end of the fifth fiscal year after the fiscal year in which such deficit occurred.

Declares that any surplus shall be deemed revenue of the Government for the following fiscal year.