Constitutional Amendment - Requires Congress to adopt for each fiscal year a budget that sets forth the total receipts and outlays of the United States.
Requires a three-fifths rollcall vote of each chamber to adopt a budget in which total outlays exceed total receipts.
Prohibits Congress from passing and the President from signing any bill which would cause the total outlays for any year to exceed the total expenditures in the budget for such year.
Bars receipts in any year from being retained for use of the Treasury in an amount which exceeds as a proportion of the national income, that retained for the prior year, unless a bill directed solely at approving a specific increase in such proportion has been passed by a majority of each chamber and has become law.
Authorizes waivers of these provisions when a declaration of war is in effect.
Requires a two-thirds rollcall vote of each chamber to adopt an increase in federal taxes.
States that if in any fiscal year the percentage of growth of Gross Domestic Product (GDP) is negative, discretionary spending, excluding spending for defense and homeland security, in the next fiscal year shall not exceed the level of such spending for the preceding fiscal year reduced by that GDP percentage of negative growth.