A bill to require that the President transmit to the Congress, and that the congressional Budget Committees report, a balanced budget for each fiscal year.

Requires the President to transmit to the Congress, and the Committee on the Budget of each House to report to the Congress, a balanced budget for each fiscal year beginning with FY 1989. Authorizes the President or Budget Committees to submit alternative budgets providing for a surplus or deficit upon determining that a balanced budget would be inappropriate for a fiscal year. Requires any alternative budget to include a comprehensive plan to balance the budget.