A bill to place a ceiling on expenditures for fiscal year 1975.

Places a ceiling of $295,000,000,000 on expenditures and net lending under the United States budget for fiscal year 1975. Directs the President to control expenditures so as to conform with such ceiling. Specifies programs, such as social security benefits, which may not be cut under this Act.

Prohibits the impoundment of appropriated funds for purposes of terminating a program.