A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.

Constitutional Amendment - Requires the President, prior to each fiscal year, to transmit to Congress a recommended statement of receipts and outlays for that year. Requires such statement, if the outlays exceed receipts, to include a statement specifying the reasons why total outlays for such fiscal year should exceed total receipts.

Requires Congress, before 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.

Permits, after the adoption of such statement, additional outlays for the defense of the Nation in the event of an unforeseen and imminent military emergency declared by Congress.

Prohibits total receipts for any fiscal year from increasing by a rate greater than the rate of increase in national income in the year or years ending not less than six months nor more than 12 months 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.

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