A bill to amend the Congressional Budget and Impoundment Control Act of 1974.

Amends the Congressional Budget and Impoundment Control Act of 1974 to limit the level of total Federal outlays set forth in the second and any further concurrent resolution on the budget adopted by Congress to 18 percent of the gross national product by fiscal year 1983. Authorizes waiver of such limitation by a two-thirds vote of both Houses of Congress.