A joint resolution proposing an amendment to the Constitution to protect the people of the United States against excessive governmental burdens and unsound fiscal and monetary policies by limiting total outlays of the Government.

Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to the rate of increase in the gross national product during the previous calendar year. Requires the use of any surplus to reduce the public debt.

Allows the limit on total outlays to be changed by a three-fourths vote of both Houses of Congress, or by a two-thirds vote in the case of an emergency declared by the President.

Prohibits the Congress from requiring or authorizing any agency of the government to require that a State or local government engage in additional or expanded activities unless such State or local government is compensated for the costs incurred.