Constitutional Amendment - Prohibits total outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

Prohibits total outlays for any fiscal year from exceeding the following:

• for the first fiscal year for which this Amendment takes effect, 20% of the estimated gross domestic product (GDP) of the United States for that year, and
• for each subsequent fiscal year, a percentage of the estimated GDP equal to the applicable percentage for the preceding fiscal year reduced by .1%.

States, however, that spending for any fiscal year is not required to be less than 16% of the estimated GDP.

Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.

Directs the President to submit a balanced budget (budget plan) to Congress annually.

Prohibits any bill to increase revenue from becoming law unless approved by a three-fifths majority of the whole number of each chamber by rollcall vote.

Requires the budget plan to include a justification by each federal department or agency for any funding proposed in that plan.

Authorizes waivers of these requirements: (1) when a declaration of war is in effect or under other specified circumstances involving military conflict, or (2) during declaration of a natural disaster.