A joint resolution proposing an amendment to the Constitution of the United States relative to require a balancing of the budget.

Constitutional Amendment - Requires the U.S. budget deficit to be reduced to the following percentages of the amount of the deficit in the year this article is ratified: (1) 80% in the first fiscal year after ratification; (2) 60% in the second fiscal year after ratification; (3) 40% in the third fiscal year after ratification; and (4) 20% in the fourth fiscal year after ratification.

Prohibits U.S. expenditures from exceeding receipts for any fiscal year after the fourth fiscal year after ratification unless authorized by a law approved by three-fifths of each House of Congress.

Authorizes Congress to waive the provisions of this Act for any fiscal year in which a declaration of war is in effect. Requires any deficit that occurs as a result of such war to be reduced within five fiscal years following the war.