Constitutional Amendment - Requires a balanced Federal budget, unless a three-fifths roll call vote of both Houses of Congress provides for a specific excess of outlays over receipts.

Prohibits an increase in the public debt limit except by a three-fifths roll call vote by both Houses of Congress.

Requires the President to submit a balanced budget to the Congress.

Prohibits any bill increasing revenue from becoming law unless approved by a majority roll call vote of both Houses.