A bill to amend the Congressional Budget Act of 1974 and the Budget and Accounting Act, 1921, to provide that (after a three-year phase-in period) Federal expenditures shall not exceed Federal revenues, except in time of war or economic necessity declared by the Congress.

Amends the Congressional Budget Act of 1974 to require that total budget outlays not exceed Federal revenues by more than five percent for the fiscal year beginning after enactment of this Act, by more than two percent for the second fiscal year after enactment, or by any amount for any fiscal year thereafter, except in time of war or economic necessity as declared by the Congress. States that it shall not be in order in either the House of Representatives or the Senate to consider or adopt a concurrent resolution on the budget which is not in keeping with such requirement.

Amends the Budget and Accounting Act, 1921 to require the President to transmit a budget to the Congress which complies with such requirements. Directs the President to take action (by placing funds in reserve, by apportionment of funds, or otherwise) necessary to insure such compliance, notwithstanding obligational authority or appropriations made within the executive branch.