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 - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing or from any surplus within the Federal Old-Age and Survivors and Disability Insurance Trust Funds) for that fiscal year unless the Congress, by a three- fifths roll call vote of each House, authorizes a specific excess of outlays over receipts.

Requires a three-fifths roll call vote of each House to increase the public debt.

Directs the President to submit a budget which conforms to this article's requirements to the Congress.

Requires the approval of a majority of each House by roll call vote before any bill to increase revenue may become law.

Authorizes Congress to waive these provisions, solely to the extent necessary for additional military funding, when: (1) a declaration of war is in effect; or (2) the United States is engaged in a military conflict which poses a threat to national security as declared by a joint resolution adopted by three-fifths of the whole number of each House.

Makes this article effective beginning with FY 2008 or the second fiscal year beginning after its ratification, whichever is later.