A joint resolution proposing an amendment to the Constitution of the United States to limit the expenditure of Government funds during any fiscal year to the total revenue of the Government as projected by the Congress for such year.

Constitutional Amendment - Prohibits total Government expenditures from exceeding estimated revenues by more than two percent during any fiscal year.

Authorizes suspension of such prohibition in time of war declared by Congress or national emergency declared by a two-thirds vote of both Houses of Congress and approved by the President.

Requires any deficit to be extinguished within five fiscal years. Applies any surplus to the revenues of the Government in the succeeding fiscal year.