A modification of the Giesekus constitutive equation is derived by incorporating (approximately, via the Peterlin approximation) the finite extensibility of polymer molecules into dumbbell kinetic theory along with the anisotropic hydrodynamic drag suggested by Giesekus. The constitutive equation that is obtained retains much of the simplicity of Giesekus' constitutive equation, but it involves terms that are cubic in the stress as well as those that are quadratic. It is shown that the constitutive equation quantitatively describes the steady elongational viscosity of the IUPAC polymer melt A (including the strain softening of the melt), but it cannot describe the elongational and shear viscosities simultaneously. It is also shown that the constitutive equation satisfies the LodgeMeissner relation for shear strains less than unity.