Constitutional Amendment - Prohibits the adoption of any Federal budget in which expenditures exceed receipts unless approved by a rollcall vote of three-fifths of the Members of each House of Congress directed solely to that subject. Prohibits the Congress from passing and the President from signing any appropriation bill which would cause the total expenditures of the Federal Government to exceed its total receipts in any fiscal year. Permits the Congress to waive such provisions with respect to any single year in which a declaration of war is in effect.

Prohibits any annual increase in the proportion of Federal receipts to the national income unless approved by a rollcall vote, directed solely to such purpose, of three-fifths of each House.