A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.

Constitutional Amendment - Requires Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. Permits the revision of such statement. Permits an excess of outlays over receipts when approved by a vote of three-fifths of both Houses of Congress directed solely to that subject. Requires Congress and the President to ensure that actual outlays do not exceed the outlays set forth in such statement.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless a bill directed solely to approving specific additional receipts is passed by a majority of both Houses.

Permits a waiver of such prohibitions for any fiscal year in which a declaration of war is in effect.

Declares that total receipts shall include all receipts of the United States except those derived from borrowing and total outlays shall include all outlays except those for repayment of debt principal.