Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for repayment of debt principal) from exceeding receipts (except those derived from borrowing), unless the Congress authorizes a specific excess by a three-fifths vote of both Houses. Directs the President to submit to the Congress prior to each fiscal year a proposed budget that meets this standard.

Permits any bill for raising taxes to become law only if a majority of the whole number of both Houses of Congress approves it by roll call vote.

Authorizes a waiver of these provisions when a declaration of war is in effect.