Constitutional Amendment - Requires the Congress, before each fiscal year, to adopt a statement in which total Federal outlays do not…

Official title: A joint resolution proposing an amendment to the Constitution of the United States to require a balanced budget.

Constitutional Amendment - Requires the Congress, before each fiscal year, to adopt a statement in which total Federal outlays do not exceed total receipts, unless a three-fifths vote of both Houses authorizes a specific excess. Prohibits a bill to increase tax revenue from becoming law unless approved by a three-fifths majority in each House. Authorizes Congress to waive by joint resolution this amendment in time of war or imminent and serious threat to national security. Directs the President to submit a balanced budget annually. Sets a permanent limit on the amount of Federal public debt, prohibiting any increase unless legislation enacted by a three-fifths majority of each House of Congress becomes law. Requires roll call votes in the House and Senate under this amendment. Requires this amendment to take effect for the later of FY 2002 or the second fiscal year beginning after its ratification.