A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of Federal indebtedness.

Constitutional Amendment - Requires the Congress to assure that the total outlays of the Government do not exceed the total receipts of the Government during any fiscal year. Provides for the phased in implementation of this requirement after the ratification of this amendment.

Permits expenditures to exceed national revenues in time of national emergency, but never by more than ten percent.

Provides that during the fifth fiscal year beginning after the ratification of this amendment and for the succeeding 19 fiscal years the total receipts of the Government shall exceed outlays by an amount equal to five percent of the Federal indebtedness at the beginning of the fifth fiscal year.