A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in time of war or national emergency, outlays made by the United States shall not exceed its receipts, excluding outlays to State and Local Governments.

Constitutional Amendment - Directs the Congress to assure that the expenditures of the United States do not exceed its receipts in any fiscal year. Declares that this Article shall not apply to State and local governments. Authorizes the Congress to suspend this Article in time of war or national emergency by a two-thirds vote of both Houses.

Requires any surplus in the budget of the United States to be applied to reduce the public debt. Prohibits the Federal Government from requiring State and local governments to engage in additional or expanded activities without compensation for the resulting additional costs.