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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 26, 1995.
Constitutional Amendment - Prohibits total outlays from exceeding total receipts for a fiscal year, unless three-fifths of the members of each House of Congress provide by law for a specific excess of outlays over receipts by a roll call vote. Sets a permanent limit on the amount of the public debt. Prohibits an increase in such amount unless approved by a three-fifths majority in each House by roll call vote. Directs the President to submit a balanced budget. Prohibits a bill to increase revenue from becoming law unless approved by a majority in each House by roll call vote. Waives the provisions of this amendment for any fiscal year in which a declaration of war is in effect, or if the United States faces an imminent and serious military threat to national security as declared by a joint resolution which becomes law.