A joint resolution proposing an amendment to the Constitution altering Federal fiscal decision-making procedures.

(Measure passed Senate, amended, roll call #288 (69-31))

Constitutional Amendment - Requires Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. Permits Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless Congress passes a bill directed solely to approving specific additional receipts and such bill has become law.

Permits Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect.

Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.

Declares that on and after the date this article takes effect, the amount of Federal public debt limit as of such date shall become permanent and there shall be no increase in such amount unless three-fifths of the Congress passes a bill approving such increase and such bill has become law.

Makes this article effective for the second fiscal year beginning after its ratification.