A joint resolution to require a balanced federal budget.

Constitutional Amendment - Prohibits the total amount of money expended by the United States in any fiscal year from exceeding the total amount of revenue received by the United States during such fiscal year, except in time of war as declared by the Congress. Allows the suspension of the amendment by a joint resolution approved by a vote of three-fifths of the Members of each House of the Congress and approved and signed by the President, or by a vote of two-thirds of the Members of each House of the Congress.

Requires tax rates to be reduced to offset the effects of inflation. Establishes a procedure for the approval of bills or joint resolutions affecting taxes.