A joint resolution proposing an amendment to the Constitution altering Federal fiscal decisionmaking 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. Permits Congress to provide for a specific excess of outlays over receipts by a three-fifths vote.

Permits Congress to suspend the provisions of this Act in any fiscal year in which a declaration of war or national emergency is in effect.

States that outlays for social insurance and national defense shall take priority and grants to governmental entities with taxing power shall be reduced before other outlays.