Proposing an amendment to the Constitution relating to a Federal balanced budget.

[AI summary unavailable — showing source text] Constitutional Amendment - Prohibits fiscal year Federal outlays (except those for retirement trust funds or repayment of debt principal) from exceeding receipts (except those derived from borrowing or retirement trust funds), unless three-fifths of both Houses of Congress provide for a specific excess. Directs the President, prior to each fiscal year, to transmit to the Congress a proposed budget in which outlays do not exceed receipts.…