To amend the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for fixed deficit targets to reduce the deficit to zero by the end of fiscal year 2000.

Amends the Congressional Budget and Impoundment Control Act of 1974 to set forth maximum deficit amounts starting with FY 1994 which reduce the deficit to zero by the end of FY 2000.

Repeals the budget agreement enforcement provisions of the Congressional Budget Act of 1974, as amended by the Omnibus Budget Reconciliation Act of 1990.

Provides for applying to FY 1994 through 2000 the emergency powers to eliminate deficits in excess of the maximum deficit amount set forth under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), as in effect immediately before November 5, 1990.

Extends the Balanced Budget and Emergency Deficit Control Act of 1985 until September 30, 2001.