To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to limit annual, total Federal outlays to no more than 20 percent of gross national product, and for other purposes.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to include limitations on excess Federal spending in provisions concerning emergency powers to eliminate deficits in excess of the maximum deficit amount.

Amends the Congressional Budget Act of 1974 to prohibit total budget outlays for a fiscal year from exceeding the maximum percentage of gross national product (GNP) for such fiscal year. Provides that the applicable maximum percentage of the GNP shall decrease incrementally from 21.5 percent for FY 1990 to 20 percent for FY 1993 and thereafter.

Repeals the expiration date for such emergency powers.