To provide that, beginning with fiscal year 1995, the President transmit to Congress and Congress consider a budget permitting no more than a 4 percent growth in budget authority and outlays, and providing for a balanced budget for fiscal year 1999 and subsequent years, and for other purposes.

Title I: Amendment to Title 31, United States Code - Requires any budget submitted by the President for FY 1995 through 1998 to be a budget for that fiscal year and the four ensuing fiscal years that permits no more than a four percent growth in budget authority and outlays, and provides for a balanced budget for FY 1999 and subsequent years. Requires any budget submitted after FY 1999 to provide for a balanced budget for that fiscal year and the four ensuing years.

Title II: Amendment to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to require any concurrent resolution on the budget for FY 1995, through 1998 to set forth appropriate levels for the fiscal year beginning on October 1 of the calendar year in which it is reported and for each of the four ensuing fiscal years that provides for a budget permitted no more than a four percent growth in budget authority and outlays, and provides for a balanced budget for FY 1999 and subsequent years. Provides procedural rules for the House of Representatives and the Senate.

Title III: Effective Date - Makes this Act effective for the concurrent resolution on the budget for FY 1995 and requires it to be fully reflected in the President's budget for FY 1995.