A bill to amend the Congressional Budget Act of 1974 to require that the public debt be paid within a period of 20 years and that the level of total budget outlays for any fiscal year not exceed the level of Federal revenues for such year, and for other purposes.

Amends the Congressional Budget Act of 1974 to require that the level of total budget outlays not exceed the level of Federal revenues for any fiscal year.

Requires the public debt, beginning with fiscal year 1981, to be reduced by five percent per year, and provides that the public debt after fiscal year 2001 shall be zero.

Prohibits Congress from considering or adopting any concurrent resolution on the budget which fails to meet these requirements.

Amends the Budget and Accounting Act to require the Presidential Budget to take into account the requirements set forth in this Act.