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

Constitutional Amendment - Requires Congress, before each fiscal year, to adopt a statement for that year in which total outlays are no greater than total receipts. Directs Congress and the President to insure that actual outlays do not exceed the outlays contained in such statement.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the nominal rate of increase in personal income in the last calendar year ending before such fiscal year.

Permits Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect, or by a resolution adopted by a vote of two-thirds of those present in each House.

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