A joint resolution to require the President and the Congress to adopt a "Pay As You Go" budget process.

Requires the President to submit to Congress, and the Congress to adopt, for FY 1985 and each year thereafter, a "pay as you go" budget which freezes all revenues and outlays at current levels.

Requires any future legislative reductions in revenues to be offset by equivalent reductions in outlays and any spending above the outlay baseline to be offset by equivalent increases in revenues or reductions in outlays so that no spending increase results in an increase in the deficit.