Constitutional Amendment - Prohibits outlays for a fiscal year (including those for debt service and other debt functions) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds roll call vote of each chamber, authorizes a specific excess of outlays over receipts.
Prohibits outlays for the total budget from exceeding the previous fiscal years' outlays plus population growth and inflation, unless a two-thirds roll call vote of each chamber, provides for such increase.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by a two-thirds roll call vote of each chamber.
Authorizes waivers of these provisions when a declaration of war is in effect only by a vote of a majority of both chambers.
Requires all: (1) outlays above revenues from the previous fiscal year to be accounted for in the outlays and budgets of the following fiscal year; and (2) surplus revenues at the end of a fiscal year to be allocated to a fund to be returned to the taxpayers, determined by legislation before the end of the subsequent fiscal year.