Constitutional Amendment - Prohibits all 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.
Requires a two-thirds roll call vote of each chamber to increase the public debt limit.
Prohibits outlays for the total budget from exceeding the previous fiscal years' outlays plus population growth and inflation, unless such increase is approved by two-thirds of each chamber by a roll call vote.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase revenue from becoming law unless approved by two-thirds of each chamber by a roll call vote.
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.