A joint resolution proposing an amendment to the Constitution prohibiting total outlays of the Government from exceeding total receipts of the Government, and requiring reductions in taxes and outlays.

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government during any fiscal year do not exceed the total receipts of the Government during such fiscal year.

Requires Congress, by the close of each fiscal year, to take such actions as may be necessary to reduce from those ratios which existed for the prior fiscal year: (1) the ratio which total taxes collected bear to the gross national product; and (2) the ratio which outlays bear to the gross national product.