To establish a Commission on National Fiscal Priorities, and for other purposes.

Establishes the Commission on National Fiscal Priorities to report to the President and the Congress within six months of appointment on: (1) the functions that the national Government is required by the Constitution to perform, such as defense, highways, and international affairs; (2) those functions which have become so firmly established in national appropriations that they cannot be reasonably expected to end, such as welfare, harbors, and national parks; and (3) those other functions of government which the Constitution does not require the national government to provide, such as sewers, city streets, railroads, community development, and local mass transit.

Requires the Commission to report within one year of its appointment on recommendations to abolish Federal programs in order to balance the budget consistent with constitutional requirements. Authorizes appropriations.