A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or other grave national emergency as determined by the Congress, expenditures of the United States in each fiscal year shall not exceed 20 per centum of the gross national product for the preceding calendar year, and expenditures of the United States in each fiscal year shall not exceed revenues of the United States for that fiscal year.

Constitutional Amendment - Requires the President to determine the gross national product of the United States for each calendar year. Prohibits the total expenditures of the United States during a fiscal year from exceeding: (1) 20 percent of the gross national product for the preceding calendar year; and (2) total revenues during such fiscal year. Provides for suspension of such prohibition in time of war or grave national emergency declared by the Congress.