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

Amends the Congressional Budget Act of 1974 to limit, beginning in calendar year 1983, the total amount of Federal deficit agreed to in the first concurrent resolution on the budget, or any subsequent resolution, to a specified percentage of the projected gross national product (GNP) for FY 1984-1985, unless waived by a two-thirds vote in each House of Congress. Sets such percentages at three percent for FY 1984, two percent for FY 1985, and one percent for FY 1986.

Requires the Committee on the Budget of each House to report to its House on the feasibility of enacting a budget for FY 1987 in which the total Federal outlays do not exceed total Federal receipts.

Requires such committees, if they recommend that total Federal outlays exceed total Federal receipts, also to recommend a specific percentage of gross national product that the Federal deficit shall be limited to for FY 1987 and the next three succeeding fiscal years.