A bill to amend the Congressional Budget Act of 1974 to limit Federal outlays, over a 4-year period, to specified percentages of the projected gross national product.

Amends the Congressional Budget and Impoundment Control Act of 1974 to require a two-thirds vote of each House of Congress in order to enact any concurrent resolution on the budget which sets forth a level of total budget outlays in excess of 21 percent of the projected gross national product for fiscal year 1982, 20 percent of the projected gross national product for fiscal year 1983, 19 percent of the projected gross national product for fiscal year 1984, or 18 percent of the projected gross national product for fiscal year 1985.