A resolution to direct the Committee on Finance to reduce the cost of the Economic Recovery Tax Act by a third, so that the federal budget can be balanced in fiscal year 1984.

Directs the Senate Committee on Finance to report new tax legislation by no later than October 15, 1981, which would reduce by $250,000,000,000 the revenue loss from the Economic Recovery Tax Act of 1981 for fiscal years 1981 through 1986.