A bill to amend the Congressional Budget Act of 1974 and the Budget and Accounting Act, 1921, to provide that Federal expenditures shall not exceed Federal revenues, except in time of war or economic necessity declared by the Congress.

Amends the Congressional Budget Act of 1974 to require that Federal expenditures not exceed revenues during any fiscal year except in time of war declared by Congress or in a period of declared economic necessity. States that it shall not be in order in either the House of Representatives or the Senate to consider or adopt a concurrent resolution on the budget which is not in keeping with the above stated requirement.

Amends the Budget and Accounting Act, 1921, to require the President to transmit a budget to the Congress which complies with such requirements. Directs the President to take action (by placing funds in reserve, apportionment of funds, or otherwise) necessary to insure such compliance, notwithstanding obligational authority or appropriations made within the executive branch.