Constitutional Amendment - Prohibits a bill that increases entitlement spending or creates a new entitlement program from becoming law unless it: (1) is approved by a two-thirds majority of each house of Congress, or (2) provides that the increase or program shall terminate after not more than seven years.

Prohibits a bill that increases entitlement spending or creates a new entitlement program from becoming law unless it is spending neutral or creates net savings to the government. Requires the President to implement and Congress to prescribe spending reductions if the law is not spending neutral or does not create net savings when averaged over the previous two fiscal years.