Proposing a balanced budget amendment to the Constitution of the United States.

Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless 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 limit.

Directs the President to submit a balanced budget to Congress.

Prohibits any bill to increase revenue from becoming law unless approved by a majority of each House.

Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.