To amend the Congressional Budget and Impoundment Control Act of 1974 to phase in the exclusion of receipts and disbursements of the social security trust funds when calculating maximum deficit amounts.

Amends the Congressional Budget and Impoundment Control Act of 1974 to phase in, by FY 1995, the exclusion of receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund when calculating maximum deficit amounts.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend until September 30, 1995, the emergency powers to eliminate deficits in excess of maximum deficit amounts.