A bill to require that the President transmit to the Congress, and that the congressional budget committees report, a balanced budget for each fiscal year.

Requires the President to transmit to Congress for FY 1986 and each fiscal year thereafter a balanced budget.

Permits the transmittal of alternate budget proposals which, if implemented, would result in a deficit or surplus if the President determines that a balanced budget is inappropriate for any fiscal year.

Urges the President to submit to the House and the Senate, not later than September 30, 1984, a comprehensive plan to balance the Federal budget.

Requires the Committee on the Budget of each House to report, by April 15, 1985, and by April 15 of each year, a balanced budget for the upcoming fiscal year.

Requires the chairmen of the budget committees and an individual designated by the President to meet from time to time and agree upon common economic and technical estimating assumptions which shall be used for the preparation and reestimation of the President's budget.

Establishes a commission which shall: (1) review, with respect to FY 1986, the balanced budget proposal submitted by the President and the budgets reported by the Committees on the Budget; (2) study the effectiveness of the provisions of this Act in achieving balanced Federal budgets; and (3) make recommendations for further changes which may be necessary to achieve balanced Federal budgets.

Requires the commission to transmit to the President and Congress a report not later then December 31, 1986, containing a detailed statement of its findings, conclusions, and recommendations for such legislation and administrative actions as it considers appropriate.

Terminates the commission 30 days after the submission of such report.