Joint resolution proposing an amendment to the Constitution of the United States to provide that appropriations made by the United States shall not exceed its revenues, except in time of war or national emergency; and to provide for the systematic paying back of the national debt.

[AI summary unavailable — showing source text] Constitutional Amendment - Requires the Congress to make no appropriation for any fiscal year if the resulting total of appropriations for such fiscal year would exceed the total estimated revenues of the United States for such fiscal year. Provides that in time of war or national emergency, as declared by the Congress, the application of the above provision may be suspended by a concurrent resolution which has passed the Senate and the House of Representatives by an affirmative vote of three-fourths of the authorized membership of each such House. Provides that such suspension shall be effective only for the two-year term of the Congress which passes such resolution. Provides that there shall be no increase in the national debt and such debt, as it exists on the date on which this article is ratified, shall be repaid during the thirty-year period beginning with the first fiscal year which begins after the date on which this article is ratified. Requires the rate of repayment to be such that one-thirtieth of such debt shall be repaid during each one-year interval of such thirty-year period.…