A resolution to urge significant deficit reduction by enacting at a minimum an across-the-board freeze of all Federal spending and existing Federal tax rates.

Recommends that a one-year across the board freeze of all Federal spending and existing Federal tax rates be adopted at the earliest possible date to help restore national and international confidence in the U.S. economy.

Urges that such freeze encompass: (1) all appropriated accounts for defense and nondefense discretionary spending with spending maintained at FY 1987 budget authority levels; (2) inflation adjustments for all Federal entitlement beneficiaries limited to two percent, except for supplemental security income; and (3) existing Federal tax rates for individuals and corporations. Provides for the automatic implementation of inflation adjustments and tax rate reductions immediately following the one-year freeze.

Urges that such a one-year freeze be considered as the minimum acceptable step toward deficit reduction and that asset sales, improved tax compliance, and other deficit reduction measures be seriously considered.