Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
Authorizes the President to cancel (line item veto) in whole any dollar amount of discretionary budget authority, item of new direct spending, or limited tax benefit in legislation that has been enacted into law.
Sets forth requirements for the President's transmittal to Congress of a special message regarding such cancellation.
Prohibits Congress from transmitting legislation to the President that purports to or does require executive compliance with spending guidance contained in any report or other document that is beyond the text of the legislation. Allows the President to disregard any or all guidance in such accompanying reports or documents.