A bill to amend chapter 11 of subtitle II of title 31, United States Code, to provide for a general limitation, relating to wage increases received by workers in the national workforce, on the total increase which may occur in budgets submitted by the President annually in periodic cash benefits provided under Federal pension, annuity, retirement, disability, workers' compensation, and similar plans covering individuals in either the public or private sector, and for other purposes.

Limits the automatic increases in the cost-of-living adjustments for Federal benefit plans to the lesser of: (1) the increase in national wages (the index used in adjusting the maximum taxable wage under Social Security); or (2) the increase in the Consumer Price Index (or other automatic cost of living adjustment mechanism that may be applicable to a particular program). Applies this limitation to all pension, annuity, retirement, disability, or similar programs operated by the Federal government including the Civil Service Retirement System, the Uniformed Service Retirement System, the Railroad Retirement System and the Social Security System.

Requires the President to submit budgets for FY 1985 and later which implement these limitations. Provides procedures for an expedited consideration of such measures by Congress.