A joint resolution to establish a bipartisan National Commission on Federal Deficit Reduction.

Establishes the National Commission on Federal Deficit Reduction to review all relevant elements of fiscal and monetary policy. Requires emphasis to be given to the causes of cyclical and structural Federal budget deficits and the impact which growing deficits have on international trade and employment, capital formation, and economic growth in the United States. Requires the Commission to: (1) analyze all potential options which would result in deficit reductions and place the Government on a sound financial basis; (2) provide recommendations for short- and long-term deficit reduction alternatives to the President and each House of Congress; and (3) report to the President and the Congress within 180 days after enactment of this Act on its recommendations for appropriate legislative and administrative actions to achieve a balanced Federal budget by the end of FY 1989 and to ensure balanced budgets thereafter. Terminates the Commission 30 days after it submits such report.