Highlights:
-Prohibits total Federal outlays, or total amount spent by the Federal government, from exceeding the total collected from receipts for each fiscal year, unless a three-fifths majority from both the House and Senate authorize a specific excess.
-Requires the President to submit to Congress a proposed balanced budget prior to each fiscal year.
-Allows for provisions of the amendment to be waived if the United States is engaged in a war or if the House and Senate adopt a joint resolution declaring that provisions must be waived if the U.S. has an "imminent and serious military threat to national security" due to a military conflict.
-Prohibits Federal revenues rates from rising faster than national income rates, unless a three-fifths majority from both the House and Senate authorize a specific tax increase raising revenue rates.
-Indicates that this amendment shall begin with fiscal year 2001 or the second fiscal year following ratification.