A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such fiscal year. Provides for the phased implementation of this requirement after the ratification of this amendment.

Permits expenditures to exceed national revenues in time of national emergency, but never by more than ten percent.

Provides that during the third fiscal year beginning after the ratification of this amendment and for the next 19 succeeding fiscal years thereafter, the total receipts of the Government shall exceed outlays by an amount equal to five percent of the Federal indebtedness at the beginning of the third fiscal year.