A joint resolution proposing an amendment to the Constitution of the United States to provide that the level of total outlays of the United States for any fiscal year shall not exceed the level of total receipts of the United States for such fiscal year and to provide for the disposition of unanticipated deficits.

Constitutional Amendment - Prohibits total expenditures of the United States in any fiscal year from exceeding total receipts for such year. Authorizes the suspension of such prohibition in time of war declared by Congress or by a concurrent resolution passed by a two- thirds vote of both Houses of Congress.

States that any unanticipated deficit in any fiscal year shall be considered an expenditure for the succeeding fiscal year. Directs the Congress to provide an appropriate increase in the level of total receipts if the amount of such deficit exceeds two percent of the total expenditures for the succeeding fiscal year.

Authorizes the Congress to apportion any deficit over the four following fiscal years, or by a two-thirds vote of both Houses to include such deficit in the debts of the United States.