Balanced Budget (requires President to submit balanced budget) bill

Title I: Amendment to Title 31, United States Code - Requires the President to submit a budget to the Congress for FY 1994, 1995, 1996, 1997, or 1998 for that fiscal year and the four ensuing fiscal years that provides for a balanced budget for FY 1998 and subsequent fiscal years. Requires any budget submitted for a fiscal year after FY 1998 to be a budget that provides for a balanced budget for that fiscal year and the four ensuing fiscal years.

Title II: Amendment to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to make conforming requirements with respect to any concurrent resolution on the budget for FY 1994, 1995, 1996, 1997, or 1998 as reported by the Committee on the Budget of each House.

Requires the House Committee on Rules, if it reports any rule or order providing for the consideration of any concurrent resolution on the budget for a fiscal year, to provide for: (1) the consideration of the text of any concurrent budget resolution reported by the House Committee on the Budget; and (2) the consideration of the text of each concurrent budget resolution as introduced by the majority leader. Requires such rule or order to assure a separate vote on each budget.

Requires the majority leader of the House of Representatives to introduce a concurrent budget resolution reflecting, without substantive revision, the budget submitted by the President, as soon as practicable.

Makes it always in order in the Senate to consider an amendment to a concurrent budget resolution comprising the text of any budget submitted by the President.

Title III: Clarification of Relationship to Other Laws - Excludes receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from being counted as new budget authority, outlays, receipts, or deficit or surplus.

Requires any final sequestration report for FY 1994 or 1995 to set forth the amount of deficit reduction beyond the enforcement of discretionary spending limits and pay-as-you-go requirements. Provides that the amount of budget-year deficit reduction shall constitute a downward adjustment to the discretionary spending limits for the budget year. Requires, if such limits are adjusted downward for FY 1994, that such limits to be so adjusted for FY 1995 by the same amount.

Excludes from the Office of Management and Budget estimates for FY 1994 the amount of budget-year deficit reduction attributable to direct spending and receipts legislation. Requires, if an amount of deficit reduction is excluded from FY 1994 estimates, that an entry of the same amount be made in FY 1995 estimates.

Title IV: Effective Date - Requires amendments made by this Act to be reflected in the budget for FY 1994.