Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for repayment of debt principal) from exceeding receipts (except those derived from borrowing), unless three-fifths of both Houses of Congress (by roll call vote) provide for a specific excess. Directs the President, prior to each fiscal year, to transmit to the Congress a proposed budget in which outlays do not exceed receipts.
Declares that any bill to increase revenue shall become law only if approved by a majority of each House by a roll call vote, unless such bill is approved by unanimous consent.