Constitutional Amendment - Requires, prior to each fiscal year, that the estimated total receipts for that year be determined by enactment…

Official title: A joint resolution proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.

Constitutional Amendment - Requires, prior to each fiscal year, that the estimated total receipts for that year be determined by enactment of a law devoted solely to that subject. Prohibits Federal outlays from exceeding estimated receipts in a fiscal year, and prohibits any increase in the public debt limit, unless three-fifths of the whole number of each House of Congress provide for a specific excess of outlays, or for an increase, by rollcall vote. Requires the President to transmit to the Congress before each fiscal year a proposed Federal budget in which total outlays do not exceed total receipts. Prohibits any bill to increase revenue from becoming law unless approved by a majority of the whole number of each House by rollcall vote. Provides for waiver of this Amendment for any fiscal year in which a declaration of war is in effect. Declares that Federal receipts exclude those derived from borrowing and that Federal outlays exclude those for repayment of debt principal.