A joint resolution proposing an amendment to the Constitution of the United States which requires (subject to suspension during a time of war or national emergency) that the annual deficit of the United States be gradually reduced over a three-year period and thereafter be eliminated.

Constitutional Amendment - Declares Congress shall make no law which causes the total amount of money expended by the United States during any year to exceed the total revenues received during such year. Provides for the phased implementation of such requirement over the first three fiscal years following the ratification of this article.

Authorizes suspension of such requirement during a time of war or national emergency declared by Congress with the concurrence of two-thirds of the Members of each House.