A bill to require a reduction in the salaries of Members of Congress and individuals paid under the Executive Schedules for any calendar year by an amount which reflects the budget deficit of the Federal Government, if any, in the fiscal year ending in such calendar year.

Amends the Legislative Reorganization Act of 1946 to require the annual rate of pay of Members of Congress and individuals paid under the Executive Schedules to be decreased (or increased, if appropriate) so that the average of that annual rate for all pay periods beginning in October, November, and December of each year after 1981 reflects the budget deficit of the Federal Government for the fiscal year ending immediately before such three-month period. Directs the Secretary of the Treasury to determine and make public after the end of each fiscal year the revenues received and the budget outlays made during that year.