A joint resolution proposing an amendment to the Constitution to protect the people of the United States against excessive governmental burdens and unsound fiscal and monetary policies by limiting total outlays of the Government.

Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to a percentage equal to the percentage increase in the gross national product during the previous calendar year. Stipulates that if the inflation rate exceeds three percent annually the increase in total outlays shall be reduced by one-fourth the difference between the inflation rate and three percent.

Requires any surplus in total revenues received by the Government to be used to reduce the public debt.

Allows the limit on total outlays to be changed by a three-quarters vote of both Houses of Congress, or to meet an emergency declared by the President.

Continues Federal aid programs to States and local governments for a period of six years. Prohibits Congress authorizing any United States agency from requiring that a State or local government engage in additional or expanded activities without compensation equal to the additional costs.