A joint resolution to call on the President to convene an advisory panel and a summit conference to reduce the deficit in the budget of the United States and to apply basic principles to guide Federal budget deficit reduction plans.

Directs the President to establish an advisory panel to develop a comprehensive set of options for reducing Federal budget deficits.

Requires the President to convene a summit conference for the purpose of developing agreement among congressional leaders and administration officials on comprehensive deficit reduction options presented to them by the advisory panel.

Requires the summit conference to develop and report to Congress, not later than May 15, 1984, a comprehensive plan to reduce the projected deficits in the budget.

Declares that such deficit reduction plan shall not readjust current economic expectations, Federal Government accounting procedures, or any other practice which is not directly related to the level of Federal spending or taxation.