A bill to amend the Constitution to require a balanced budget.

Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenues received by the United States during such fiscal year. Provides for a suspension of such prohibition during a time of war as declared by Congress or upon approval of a joint resolution approved by three-fifths of the Members of each House of Congress and approved and signed by the President or, if not approved and signed by the President, approved by a vote of two-thirds of the Members of each House of Congress.

Requires the Congress, for each fiscal year, to reduce the rates of taxes, duties, imposts, and excises it lays and collects to offset the effects of inflation in the United States during such fiscal year.

Specifies that any bill or joint resolution which provides for an increase or reduction in taxes, duties, imposts, or excises shall become law, in the case of an increase, after it is approved by a vote of three-fifths of each House of Congress, or in the case of a reduction, approved by a majority vote, and in either case, approved and signed by the President or, if not approved and signed by the President, approved by a two-thirds vote of each House of Congress.