A joint resolution proposing an amendment to the Constitution of the United States to provide that Federal expenditures shall not exceed Federal revenues, except in time of war or economic necessity declared by the Congress; and to provide for the systematic paying back of the national debt.

Constitutional Amendment - Prohibits the enactment of budget authority which would result in total estimated budget outlays in excess of recommended Federal revenues in any fiscal year. Authorizes the suspension of such provision during a congressionally declared war or period of economic necessity. Prohibits any increase in the national debt as it exists on the date this article is ratified. Sets forth a schedule for repayment of the national debt.