A joint resolution proposing an amendment to the Constitution to provide that expenditures made by the United States shall not exceed its receipts, except in time of war or national emergency, and providing for its phased-in implementation.

Constitutional Amendment - Prohibits the Congress from providing for aggregate expenditures exceeding aggregate receipts for any fiscal period. Authorizes the suspension of such prohibition in time of war or national emergency. Provides for the phased implementation of such prohibition over five fiscal periods.