Honest Budget/Balanced Budget Act

Honest Budget/Balanced Budget Act - Title I: Operating Budget, Retirement Funds Budget, and Debt and Interest Budget - Amends Federal law to require that the budget the President submits to the Congress be a unified budget comprising an operating budget, a retirement funds budget, and a debt and interest budget, each presented separately. Directs the President to submit with this budget an account of inter-fund transfers between the operating budget and the debt and interest budget.

Amends the Congressional Budget Act of 1974 to require the congressional concurrent resolution on the budget to be formulated in terms of these three separate budgets.

Title II: Balanced Operating Budgets - Amends the Congressional Budget Act of 1974 to establish a point of order in both the Senate and the House of Representatives against considering a budget resolution that includes an unbalanced operating budget.

Makes it out of order in both Houses, after the completion of action on the budget resolution, to consider any legislation that would cause operating budget outlays to exceed revenues.

Requires the President to present a balanced operating budget.

Title III: Trust Fund for the Reduction of the Deficit and Public Debt - Expresses U.S. policy supporting amendment of the Internal Revenue Code to: (1) establish a special debt retirement tax or taxes dedicated to reduction of the deficit and public debt; and (2) create a special trust fund to be used only for this purpose.

Title IV: Definition of Deficit - Redefines the term "deficit" to mean the amount by which combined budget outlays for the operating and debt and interest budgets exceed combined revenues for such budgets for any fiscal year. Removes the surpluses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from calculations of the deficit.