Constitutional Amendment - Requires the Congress, prior to each fiscal year, to adopt a statement for that year in which total outlays are not greater than total receipts. Permits the Congress, by a three-fifths vote of each House, to provide for a specific excess of outlays over receipts in such statement. Prohibits actual outlays from exceeding the outlays set forth in such statement.
Prohibits total receipts in such statement from increasing by a rate greater than the rate of increase in national income in the previous year, unless the Congress has passed a bill directed solely to approving specific additional receipts and such bill has become law.
Permits the Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect.