A joint resolution proposing an amendment to the Constitution relating to a Federal balanced budget and tax limitation.

Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. Permits the Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject. Requires the President and the Congress to ensure that actual outlays do not exceed the outlays set forth in such statement.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless the Congress passes a bill directed solely to approving specific additional receipts by a three-fifths vote and such bill has become has become law.

Requires the President, prior to each fiscal year, to transmit to the Congress a proposed statement of receipts and outlays for that year consistent with the provisions of this article.

Permits the Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect.

Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.