A bill to amend the Congressional Budget Act of 1974 to strengthen the budget process, and for other purposes.

Directs the Committee on Governmental Operations of the House and the Committee on Governmental Affairs of the Senate to study: (1) the budgetary systems of States required to maintain balanced budgets; and (2) the impact of off-budget activities on the Federal budget process. Requires that such Committees recommend changes to the Federal budget system necessary for a balanced budget framework.

Title I: Amendments to Budget and Accounting Act, 1921 - Amends the Budget and Accounting Act, 1921 to require that any budget submitted to Congress by the President shall set forth a level of estimated expenditures which do not exceed receipts. Provides that the President, for reasons of national security or economic necessity, may submit two budgets, only one of which is balanced.

Title II: Amendments to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to provide for the annual adoption of one concurrent resolution on the budget. Requires the submission of balanced budgets by the Committees on the Budget of each House. Allows the Committees to submit two budgets, only one of which is balanced, if the Committees find it infeasible to submit a complying budget. Repeals provisions which require a second concurrent resolution on the budget.

Revises certain reconciliation procedures. Provides that the budget resolution shall be binding unless waived by a three- fifths vote in either House of Congress.

Requires the chairmen of the House and Senate Budget Committees and a Presidential appointee to meet and agree upon common economic and technical estimating assumptions to be used for preparation of the President's budget proposal.

Title III: Technical and Conforming Amendments - Amends the Congressional Budget and Impoundment Control Act of 1974, the Congressional Budget Act of 1974, and the Rules of the House of Representatives to make technical and conforming changes.

Title IV: Effective Date - Sets forth the effective dates for this Act.