An amendment to require a 3/5 majority rollcall vote by both Houses of Congress before a deficit budget or a debt ceiling increase can be enacted; to require the President to submit a balanced budget; to require a rollcall vote in each House (a majority being needed) before an increased revenue bill can be enacted; to allow Congress to waive the provisions of this amendment if a declaration of war is in effect, (also by majority rollcall vote in both Houses); to require Congress to enforce the provisions of this amendment by enacting appropriate legislation; to specify the definitions of outlays and receipts; and to specify the date of enactment to be the beginning of FY 1998 or with the second fiscal year beginning after ratification, whichever is later.