Constitutional Amendment - Prohibits total outlays (except those for payment of debt) for a year from exceeding the average annual revenue (except that derived from borrowing) collected in the three prior years, adjusted in proportion to changes in population and inflation.
Requires a two-thirds roll call vote of each chamber to declare an emergency and provide by law for specific outlays in excess of such limit.
Requires the declaration to specify reasons for the emergency designation, and allows it to authorize outlays in excess of the limit for up to one year.
Prescribes a formula for reducing, over each of 10 years, the excess (deficit) of outlays over the average annual revenue collected in the three prior years, adjusted for population and inflation changes.