Balanced Economic and Environmental Priorities Act of 1994

Balanced Economic and Environmental Priorities Act of 1994 - Amends the Endangered Species Act of 1973 to prohibit a Federal officer or employee from implementing or enforcing a designation of critical habitat, an issued protective regulation, or a developed recovery plan under such Act unless the Secretary (either the Secretary of the Interior or the Secretary of Commerce, as program responsibilities are vested): (1) prepares an economic impact analysis with respect to such designation, regulation, or recovery plan; (2) determines that the benefits of it outweigh the costs of it; and (3) publishes an economic impact statement describing the findings of the analysis. Establishes guidelines for such economic impact analysis.

Directs the Secretary to: (1) limit economic losses incurred by persons caused by listing species as endangered or threatened; and (2) compensate such persons for any diminishments in the value of tangible or intangible property, and in the loss or diminishment of a job.

Requires congressional approval of any additions to the endangered species list.

Directs the Secretary of the Interior to: (1) review endangered or threatened species added on or after such date to a published list of endangered or threatened species under the Endangered Species Act of 1973; (2) prepare an economic impact analysis and statement with respect to them; and (3) publish a list of all designations of critical habitat, regulations, and recovery plans in effect on the date of that publication (the implementation and enforcement of which is prohibited by the amendments made by this Act).

Prohibits a person from being paid for any loss incurred by species being added to a list of endangered species or threatened species published under the Endangered Species Act of 1973 during the period beginning January 1, 1986, and ending on the enactment of this Act, except for losses resulting from the implementation or enforcement of designations of critical habitat, regulations, and recovery plans that are not included in the list published under this Act.