Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

Bars any surplus of receipts (including interest) over outlays of the Federal Old-Age and Survivors and Disability Insurance Trust Funds from being counted for purposes of this article. Requires any deficit of receipts (including interest) relative to outlays of such trust funds to be counted and to be completely offset by a surplus of all other receipts over all other outlays.

Requires a three-fifths roll call vote of each House to increase the public debt.

Directs the President to submit a balanced budget to Congress.

Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House.

Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.