To amend the Internal Revenue Code of 1986 and the Balanced Budget and Emergency Deficit Control Act of 1985 to eliminate the Federal budget deficit by the end of fiscal year 1998.

Amends the Internal Revenue Code to require tax table rate reductions to be based on a percentage of the reduction in Federal spending for calendar years 1993 through 1997.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide sequestration procedures to eliminate the deficit by FY 1998. Specifies accounts that are exempt from reduction. Sets forth reporting requirements.