Resolution expressing the sense of the House of Representatives with respect to the need for a balanced budget and the steps which must be taken to achieve such a budget by 1980.

Expresses the sense of the House of Representatives that the Federal budget must be balanced no later than 1980. States that immediate action must be taken to achieve specified objectives, including: (1) restoration of the economy to full employment; (2) control of inflation; (3) Federal tax incentives for economic growth, and (4) elimination of barriers to effective price and quality competition in the private sector.

Requires that all Federal legislation and requests for funds must include a deficit impact statement to aid in identifying and highlighting areas which require changes in law in support of this objective.

Declares the intention of the House of Representatives to require all existing and appending tax legislation to be reviewed on a regular basis.