A joint resolution to amend the Constitution of the United States to limit budget outlays for a fiscal year to not more than 20 per centum of gross national product for such fiscal year.

Constitutional Amendment - Requires the Congress to assure that the total outlays of the Government during any fiscal year (except for the repayment of debt) do not exceed an amount equal to the greater of: (1) the difference between: (a) an amount which bears the same ratio to the gross national product at the close of such fiscal year as outlays for the preceding fiscal year bear to the gross national product at the close of such preceding fiscal year; and (b) an amount equal to one percent of gross national product for such fiscal year; and (2) 20 percent of the gross national product for such fiscal year.

Permits a waiver of such limitations in case of national emergency or war, but all expenditures in excess of such limitations must be approved by three-fourths of Congress.