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

Requires that the President's budget proposal to the Congress and the budgets reported by the congressional budget committees reflect a balanced budget for each fiscal year, beginning with FY 1990. Authorizes both the President and the committees to submit alternative budgets that provide for a surplus or deficit upon determining that a balanced budget would be inappropriate for a particular fiscal year. Requires an alternative budget to include a comprehensive plan for balancing the budget.