Alternative Budget Act of 1979

Alternative Budget Act of 1979 - Amends the Second Liberty Bond Act to direct the President to submit to the Congress an alternate, balanced budget, consistent with the debt ceiling, if the President's proposed budget for any fiscal year would result in either a deficit or an increase in the public debt beyond the ceiling prescribed by statute.

Requires such an alternative budget to be accompanied by a clear and understandable explanation of the differences between its provisions and the proposed Presidential budget.

Directs the President to submit a plan to the Congress for reducing budget outlays if increases in the public debt ceiling, deficit, or total budget outlays exceed the projections set forth in the second concurrent resolution on the budget in any fiscal year.

Requires the Presidential budget to include a report on increased income tax receipts which: (1) differentiates the increases due to inflation from those due to proposed or existing legislation; (2) classifies such increases according to income level and family size; and (3) includes recommendations for legislation to offset such increases.