A Bill to amend the Congressional Budget Act of 1974 to impose limits on the amounts of total budget outlays and Federal revenues set forth in concurrent resolutions on the budget, to require a two-thirds vote for agreeing to concurrent resolutions on the budget which set forth a deficit, and for other purposes.

Amends the Congressional Budget Act of 1974 to limit the level of total budget outlays and Federal revenues in any concurrent resolution on the budget to 18 percent of the gross national product by fiscal year 1982. Allows exceptions to such limitation in national emergencies declared by a two-thirds vote of both Houses of Congress.

Sets forth the following provisions governing the consideration of any concurrent resolution on the budget that carries a deficit beginning in fiscal year 1980: (1) approval requires a two-thirds vote of both Houses; (2) such resolution will be considered out of order if a deficit existed in any of the preceding four years; and (3) such deficit must be cancelled within two fiscal years.