A bill to amend the Budget and Accounting Act, 1921, and the Congressional Budget Act of 1974, to require that the President's annual budget include an estimate of the Gross National Product for the ensuing fiscal year, to provide (through the congressional budget process) for a balanced budget with expenditures limited to a specified percentage of the Gross National Product, and to make other improvements in the congressional budget process.

Amends the Budget and Accounting Act of 1921 to require the President's annual budget to include an estimate of the gross national product for the year.

Amends the Congressional Budget Act to specify that the total budget outlays for any fiscal year beginning on or after October 1, 1979, shall not exceed a specified percentage of the gross national product, and for any fiscal year beginning on or after October 1, 1980, shall not exceed Federal revenues, except when the President determines that the national security requires it, or the national unemployment rate will exceed seven percent.