A bill entitled: "The Pay As You Go Balanced Budget Act of 1982".

Prohibits the Senate or the House of Representatives from considering any concurrent resolution on the budget if its adoption would cause either: (1) an increase in total budget outlays over those of the preceding fiscal year; or (2) a reduction in Federal revenues from the preceding fiscal year. Exempts from such prohibition any resolution that contains corresponding revenue increases or budget reductions.

Allows waiver of the prohibition by a two-thirds vote of each House of Congress.