To amend the Congressional Budget Act of 1974 to provide that Federal expenditures shall not exceed Federal revenues, except in time of war or economic necessity declared by the Congress, and for other purposes.

Amends the Congressional Budget Act of 1974 to prohibit Federal expenditures from exceeding revenues during any fiscal year, except in time of war declared by the Congress or in a period of economic necessity declared by congressional joint resolution. States that it shall not be in order in either the House of Representatives or the Senate to consider or adopt a concurrent resolution on the budget that does not meet this standard.

Requires the President's budget to comply with the same standard. Directs the President to take action (by placing funds in reserve, by apportionment of funds, or otherwise) necessary to ensure such compliance, notwithstanding obligational authority or appropriations made within the executive branch.