A resolution proposing an amendment to the Constitution of the United States limiting annual increases in Federal budget outlays and new Federal budget authority.

Constitutional Amendment - Prohibits the levels of total budget outlay and new budget authority for any fiscal year from exceeding the corresponding level for the previous year by a percentage greater than the average annual percentage increase of the gross national product during the three calendar years immediately preceeding the beginning of the applicable fiscal year.

Provides an exception to the restriction established by this Act in time of war or national emergency.