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 two-thirds rollcall vote of each chamber to increase the public debt limit.
Directs the President to submit a balanced budget to Congress annually.
Requires a two-thirds rollcall vote of each chamber before final adoption of any bill to increase internal revenue.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.