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

Constitutional Amendment - Requires the Congress, before each fiscal year, to adopt a statement for that year in which total outlays are no greater than total receipts. Permits Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote of both Houses 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.

States that if the President determines that actual receipts will be deficient, a Budget Council shall be convened to recommend to Congress expenditure reductions or revenue increases. States that such recommendations will become law in the absence of Congressional action to waive spending restrictions.

Directs the President to report actual receipts and expenditures to Congress. Prohibits Congress from passing appropriations legislation until additional revenue is raised or expenditures are reduced in accordance with this Act.

Allows waiver of the above restrictions in times of war.

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.

States that the existing public debt limit shall become permanent when this article takes effect. Permits Congress to increase such limit by a three-fifths vote in each House.