Constitutional Amendment - Requires Congress to assure that the total outlays of the Government during any fiscal year, not including any outlays for the redemption of bonds, notes, or other obligations, shall not exceed total receipts.

Requires Congress, beginning with the first fiscal year after the ratification of this article, to assure that total outlays during any fiscal year do not exceed 20 percent of the gross national product during the calendar year immediately preceding the beginning of such fiscal year.

Permits suspension of either limitation in the case of a national emergency by a concurrent resolution agreed to by two-thirds of all the Members of each House of Congress.