Constitutional Amendment - Prohibits outlays for any fiscal year (except for repayment of debt principal) from exceeding an amount that would cause outlays to have increased by a rate that exceeds growth in the U.S. economy over the period since 2007, unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific increase of outlays above this amount.
Directs the President, before each fiscal year, to transmit to Congress a proposed budget for such fiscal year and all ensuing fiscal years covered by it, in which total outlays do not exceed the outlays from the previous year after taking into account an increase to reflect such average growth.
Authorizes a waiver of these provisions when a declaration of war is in effect.