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

Amends the Congressional Budget Act of 1974 to limit the Federal budget deficit for fiscal years 1980 and 1981 to a specified decreasing percentage of the deficit for fiscal year 1979. States that beginning with fiscal year 1981 Congress may not consider a Federal budget which includes a deficit.