A bill to provide for a temporary increase in the public debt limit, and for other purposes.

(Measure passed Senate, amended, roll call #28 (62-33))

Amends the Second Liberty Bond Act to increase the temporary public debt limit by $430,000,000,000 until September 30, 1979.

Increases the face amount of bonds with interest rates exceeding four and one-half percent which may be outstanding at any time to $40,000,000,000.

Authorizes the Secretary of the Treasury, with the approval of the President, to increase the investment yield on any United States savings bonds above five and one-half percent provided such yield does not exceed seven percent per annum compounded semi-annually.

Requires the Congress to balance the Federal budget. Directs the Budget Committees to report balanced Fiscal Year Budgets for 1981 and for 1982 along with economic impact statements.

Requires the President, if he submits to the Congress a budget which would, if adopted, result in a deficit in fiscal year 1981 or in fiscal year 1982, to submit an alternative budget which is in balance. Stipulates that such alternative budget shall include a clear and understandable explanation of specific differences between the budget and alternate budget proposals.