Honest Balanced Budget Act

[AI summary unavailable — showing source text] Honest Balanced Budget Act - Repeals provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to: (1) emergency powers to eliminate deficits in excess of the maximum deficit amount; (2) budgetary treatment of social security trust funds; and (3) miscellaneous and related provisions. Prohibits, for FY 1994 and each fiscal year thereafter, the outlays of the operating segment of the United States budget from exceeding receipts. Requires, when such outlays exceed receipts, that the deficit be eliminated through revenue increases or spending reductions. Authorizes the waiver of such provisions in the case of war, recession, or natural disaster if the President requests such waiver and the Congress approves by a vote of three-fifths of the membership in both Houses. Requires that operating segment deficit spending subject to a waiver be paid for in full in the budget of the following fiscal year. Requires the budget, excluding trust funds, to be balanced by FY 1998 and each fiscal year thereafter. Requires the President and the Congress: (1) beginning in FY 1995 to develop and implement a plan to so balance the budget; and (2) …