A joint resolution proposing a balanced budget constitutional amendment.

Constitutional Amendment - Requires a balanced Federal budget, unless a three-fifths roll call vote of both Houses of the Congress provides for a specific excess of outlays over receipts.

Prohibits an increase in the public debt limit except by a three-fifths roll call vote by both Houses of the Congress.

Requires the President to submit a balanced budget to the Congress.

Prohibits any bill increasing revenue from becoming law unless approved by a majority roll call vote of both Houses.

Provides for waiver during a declared war or when the United States is involved in a military conflict that causes an imminent and serious military threat to national security.

Declares that the judicial power of the United States shall not extend to any case or controversy arising under this amendment, except as authorized by adopted legislation.

Exempts from total receipts and outlays: (1) receipts from, and outlays to the principal of, borrowing; and (2) receipts and outlays regarding Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Funds.