Constitutional Amendment - Requires Congress and the President to agree annually on an estimate of total receipts (except those derived from borrowing) for a fiscal year by enactment into law of a joint resolution devoted solely to that subject. Prohibits outlays for that year (except those for repayment of debt principal) from exceeding the estimated receipts set forth in the joint resolution, unless Congress, by a three-fifths rollcall vote of the total membership of each chamber, authorizes a specific excess of outlays over estimated receipts.
Requires Congress, whenever actual outlays exceed actual receipts for any fiscal year, to provide by law for the repayment of such excess in the ensuing fiscal year.
Prohibits any increase in the public debt of the United States unless three-fifths of the total membership of each House provides for it by a rollcall vote.
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 a rollcall vote.
Authorizes waivers of these provisions when a declaration of war is in effect.