A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.

Constitutional Amendment - Requires the President to submit and Congress to adopt each fiscal year, a statement in which total outlays are no greater than total receipts. Permits Congress to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject.

Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless Congress passes a bill directed solely to approving specific additional receipts and such bill has become law.

Permits Congress to waive the provisions of this Act in any fiscal year in which a declaration of war is in effect or a national emergency exists.

Prohibits the Congress from requiring that the States engage in additional activities without compensation equal to the additional costs.

Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.