Constitutional Amendment - Prohibits Government outlays from exceeding receipts for any fiscal year, unless a three-fifths roll call vote of each House of Congress provides by law for a specific excess of outlays over receipts.

Prohibits an increase in the limit on the U.S. public debt, unless a three-fifths roll call vote of each House provides by law for such an increase.

Directs the President, before each fiscal year, to propose to the Congress a balanced budget for that fiscal year.

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

Authorizes the Congress to waive this Article for any fiscal year in which: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of each House, which becomes law.

Includes in total receipts all Government receipts except those derived from borrowing, and includes in total outlays all Government outlays except those for repayment of debt principal. Excludes from receipts or outlays the receipts (including attributable interest) and outlays of the Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Funds (as and if modified to preserve the solvency of the Funds) used to provide old age, survivors and disabilities benefits.

Requires this Article to take effect beginning with the later of FY 2002 or the second fiscal year beginning after its ratification.