A bill to provide for a mandatory balanced budget, automatic tax bracket adjustments reflecting increases in the Consumer Price Index, and, after the budget is balanced, increases in personal exemptions and the low income allowance.

Requires a balanced budget, except in times of war, recession, or high unemployment, as determined by the Congress.

Requires tax bracket adjustments reflecting increases in the Consumer Price Index.

Requires that budget surpluses be devoted to increasing personal exemptions and the low-income allowance.