Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the…

Official title: A joint resolution to amend the Constitution of the United States to provide for balanced budgets and elimination of the Federal indebtedness.

Constitutional Amendment - Requires Congress to assure that the total outlays of the Government, during any fiscal year, do not exceed the total receipts of the Government during such fiscal year. States that by the fourth fiscal year after the ratification of this amendment the budget shall be balanced. Permits expenditures to exceed national revenues in time of declared emergency, but states that such expenditures shall never exceed receipts by more than ten percent. Provides that during the fifth fiscal year thereafter, the total receipts of the Government shall exceed outlays by an amount equal to five percent of the Federal indebtedness at the beginning of the fifth fiscal year.