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.

Requires that any such alternate budget proposals for a fiscal year include a comprehensive plan to balance the Federal budget.

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

Requires the Committee on the Budget of either House also to report a comprehensive plan to balance the Federal budget, if it determines that a balanced budget is inappropriate for any fiscal year.