To require that the President transmit to Congress, that the congressional Budget Committees report, and that the Congress consider a balanced budget for each fiscal year.

[AI summary unavailable — showing source text] Title I: Amendment to Title 31, United States Code - Amends Federal law to require that any budget submitted by the President not be in deficit. Provides that if the President determines that a balanced budget is not feasible, and submits written reasons in support of such determination, then the President may submit two budgets, one in compliance and one in deficit. Title II: Amendment to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to require that any budget submitted by the congressional Budget Committees not be in deficit. Provides that if either committee determines that it is infeasible to submit a balanced budget, then such committee may submit two budgets, one of which is in deficit, together with written reasons for such determination. Requires each concurrent resolution on the budget to contain reconciliation directives necessary to implement the resolution. Requires the Committee on Rules of the House of Representatives, if it reports any rule or order providing for the consideration of any concurrent resolution on the budget, to: (1) provide for the consideration of the text of any balanced budget concurrent resolution reported by the H…