Joint resolution proposing an amendment to the Constitution of the United States requiring the submission of balanced Federal funds budget by the President and action by the Congress to provide revenues to offset Federal funds deficits.

[AI summary unavailable — showing source text] Constitutional Amendment - Stipulates that on or before the fifteenth day after the beginning of each regular session of the Congress, the President shall transmit to the Congress a budget which shall set forth separately: (1) his estimate of the receipts of the Government, other than receipts of trust funds, during the ensuing fiscal year under the laws then existing, and his recommendations with respect to expenditures to be made by the Government, other than expenditures from trust funds, during such ensuing fiscal year, which shall not exceed his estimate of such receipts; and (2) his estimate of the receipts of Government trust funds during such ensuring fiscal year under the laws then existing, and his estimate and recommendations with respect to expenditures from such trust funds during such ensuing fiscal year. Provides that on or before the last day of the second month following the close of each fiscal year, the President shall report to the Congress the actual amount of receipts and expenditures of the Government during such fiscal year, other than receipts and expenditures of trust funds. States that if, for the period of two consecutive fiscal years, the aggregate expe…