A bill to amend the Budget and Accounting Act, 1921, to require the President to submit balanced budgets to the Congress, and for other purposes.

Amends the Budget and Accounting Act, 1921, to require the President to transmit to Congress during the first 15 days of each regular session a budget for the ensuing fiscal year which sets forth a recommended level of estimated expenditures that does not exceed estimated receipts during such fiscal year. Exempts from such requirement budgets for fiscal years when the increase in real economic growth for the period on which the economic assumptions for such fiscal year are based is less than three percent and unemployment is projected to be higher than six and one-half percent.

Allows a suspension of such requirement in time of war or national emergency.

Requires social insurance and national defense to receive first funding priority in reaching such outlay goals.