A joint resolution proposing an amendment to the Constitution of the United States to provide that expenditures made by the United States shall not exceed its receipts.

Constitutional Amendment - Prohibits the appropriation or expenditure of Federal funds in excess of Federal receipts in any fiscal year.

Authorizes the Congress to suspend such prohibition in time of war or national emergency by passing a concurrent resolution by a two-thirds vote of each House.

Declares that total receipts shall exclude receipts derived from borrowing and total expenditures shall exclude expenditures for repayment of debt principal.