A bill to amend the Congressional Budget Act of 1974 to require a balanced budget Act of 1974 to require a balanced budget within 5 years, in accordance with a schedule gradually reducing the maximum amount of the deficit which is permitted under the congressional budget process.

Requires, under the Congressional Budget Act of 1974, that the Federal budget deficit for fiscal years 1977-1980 must be a specified decreasing percentage of the deficit for fiscal year 1976.

States that beginning with fiscal year 1981, Congress may not consider a Federal budget which includes a deficit.