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

Declares that it is the purpose of this Act to insure that Congress considers every year a budget in which the expenditures and receipts are in balance.

Requires the House Committee on Government Operations and the Senate Committee on Governmental Affairs to undertake independent studies of: (1) the accounting and budgetary system of States required by their constitutions to maintain balanced budgets; and (2) the impact of off-budget activities on the budget process. Requires such committees to recommend appropriate changes to the Federal accounting and budgetary system necessary to operate under a Federal balanced budget framework.

Title I: Amendments to Chapter II of Title 31, United States Code - Requires that the budget submitted by the President for the ensuing fiscal year set forth a recommended level of estimated expenditures which does not exceed the Government's estimated receipts. Permits the President, for reasons of national security or economic necessity, to submit two budgets only one of which is in compliance with the balanced budget requirement.

Title II: Amendments to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to require the concurrent resolution on the budget submitted by the Budget Committees of each House to be balanced. Exempts the committees from such requirement if they determine that it is infeasible. Permits, in such event, the submission of two budgets only one of which is in compliance with the balanced budget requirement.

Title III: Effective Date - Makes this Act effective for FY 1985. Requires it to be fully reflected in the FY 1985 budget submitted by the President in January 1984.