Requesting the President to submit a budget for fiscal year 1998 that would balance the Federal budget by fiscal year 2002 without relying on budgetary contingencies.

[AI summary unavailable — showing source text] Requests the President to submit a detailed plan to balance the Federal budget by FY 2002, as estimated by the Congressional Budget Office (CBO), that: (1) uses the most recent CBO economic and technical assumptions; (2) reduces the deficit through programmatic reforms rather than alternative budgetary procedures such as automatic spending cuts and the sunsetting of tax cuts; (3) realizes a significant proportion of its total savings in the first three years; and (4) offers sufficient Medicare reforms to forestall the imminent bankruptcy of the Medicare trust funds for a substantial period.…