Proposing a spending limitation amendment to the Constitution of the United States.

Constitutional Amendment - Prohibits total outlays in any fiscal year from increasing by a percentage greater than the percentage increase in nominal gross domestic product in the last calendar year ending prior to the beginning of such fiscal year. Prohibits total outlays in any fiscal year from exceeding the ratio of the outlays in the fiscal year at the time of submission of this proposed amendment to the States to gross domestic product in the last calendar year ending before the fiscal year at the time of submission to the States, times gross domestic product in the last calendar year ending before the fiscal year for which this limitation is being calculated. Declares that total receipts shall include all receipts of the United States except those derived from borrowing. Declares that total outlays shall include: (1) all outlays of the United States, both on-budget and off-budget, except those for the repayment of debt principal; and (2) the cost to any State or local government of engaging in any activity or service mandated by any Federal law beyond that required by existing law or the Constitution at the time this proposed amendment is submitted to the States, unless an appropriation is made and disbursed to pay that State or local government for such cost. Requires inflation to be measured by the gross domestic product deflator. Requires that for any fiscal year in which total receipts exceed total outlays, the surplus shall be used to reduce the public debt until it is eliminated. Requires the President, before each fiscal year, to transmit to the Congress a proposed statement of receipts and outlays for such fiscal year consistent with this Act. Authorizes the Congress, following a presidential declaration of emergency, and with a two-thirds vote of both Houses, to authorize a specified amount of emergency outlays in excess of the limit. Prohibits, for each of the first four fiscal years after ratification of this amendment, total grants to States and local governments from being a smaller fraction of total outlays than the average of the three fiscal years before ratification. Authorizes a Member of Congress or the President (but no other persons) to enforce this amendment in an action brought in the U.S. District Court for the District of Columbia.