A joint resolution proposing an amendment to the Constitution of the United States requiring the submission of balanced Federal funds budgets by the President and action by the Congress to provide revenues to offset Federal funds deficits.

Constitutional Amendment - Requires the President to submit a balanced budget to Congress. Prohibits Congress, whenever deficits exceed receipts for any two-year period, from passing any bill or other measure appropriating any moneys out of the general fund of the Treasury until such time as provisions of law have come into effect which will provide additional revenue, within a period of not more than 12 months thereafter, in an amount not less than the amount by which such expenditures exceed such receipts. Suspends such requirements during a war or other national emergency upon the recommendation of the President and the approval of Congress.