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

Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.

Directs the President to submit a balanced budget to Congress annually.

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

Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict. Requires any such waiver to identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict.