A 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 1981.

Declares the sense of the House of Representatives that the Federal budget must be brought into balance no later than 1980.

Declares that immediate action should be taken by both the Congress and the executive branch to achieve specified goals.

Declares that all Federal legislation and requests for funds to implement such legislation should include a deficit impact statement.

Requires the annual evaluation of at least one-quarter of all existing Federal programs and one-quarter of the Internal Revenue Code in view of the economic goals set forth in this resolution.