Proposing a balanced budget amendment to the Constitution of the United States.

Constitutional Amendment - Prohibits federal expenditures (except those for repayment of debt principal) from exceeding revenues (except those derived from borrowing) for any fiscal year unless three-fifths of the whole number of each chamber provides for a specific excess of expenditures over revenues by a rollcall vote.

Authorizes Congress to waive such prohibition when a declaration of war is in effect or under other specified circumstances involving military conflict.