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.
Prohibits total outlays for any fiscal year from exceeding 20% of the gross domestic product for the preceding calendar year unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess over such 20%.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase federal taxes from becoming law unless approved by two-thirds 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.