A joint resolution proposing an amendment to the Constitution of the United States relative to the balancing of the budget, the limitation of expenditures, and the reduction of the public debt.

Constitutional Amendment - Prohibits expenditures in any fiscal year, except for expenditures for the repayment of debt principal, from exceeding revenues collected in that year for the average of expenditures as a percentage of the gross national product for the previous three fiscal years.

Permits borrowing for capital expenditures for a period of time proportionate to their probable usefulness.

Directs Congress to provide by law for the repayment of the existing national debt.

Allows suspension of this amendment for any fiscal year whenever two-thirds of both Houses shall deem it necessary.