Balanced Budget Act

Balanced Budget Act - Amends the Congressional Budget Act of 1974 to prohibit either House of the Congress from adopting any concurrent resolution on the budget that would cause: (1) total budget outlays to exceed Federal revenues for any fiscal year; or (2) revenues for any fiscal year to exceed the recommended level of revenues for the preceding fiscal year by more than the percentage increase in gross national income for the most recently completed calendar year. Provides for the waiver of such prohibitions by the Congress.

Amends such Act and the Budget and Accounting Act, 1921 to require inclusion in the congressional and presidential budgets of revenues from, and budget authority and outlays for, all activities of the Government, except revenues derived from borrowing and outlays for repayment of debt principal.