A bill to prohibit any increase in the publicly held debt of the United States during any fiscal year if, during the previous fiscal year, outlays by the United States exceeded receipts of the United States.

Prohibits any increase in the publicly held debt of the United States during any fiscal year if, during the previous fiscal year, outlays by the United States exceeded receipts.

Provides for an exemption of such prohibition during any fiscal year if: (1) during any part of it the United States is at war; or (2) the Congress suspends such prohibition by a two-thirds affirmative vote.