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

Constitutional Amendment - Requires the President to submit and Congress to adopt, before each fiscal year, 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 each House directed solely to that subject. Requires that the names of those voting be entered into the journal of each House.

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

Prohibits reductions in outlays in such statement resulting from any amendment to the Social Security Act which reduce entitlement benefits.

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.

Allows Congress to establish a separate statement of outlays for capital expenditures, which may be financed through the issuance of bonds.

Limits judicial power with respect to actions arising under this Act.