A bill to amend the Congressional Budget Act of 1974 to require a balanced budget Act of 1974 to require a balanced budget within 5 years, in accordance with a schedule gradually reducing the maximum amount of the deficit which is permitted under the congressional budget process.

[AI summary unavailable — showing source text] Requires, under the Congressional Budget Act of 1974, that the Federal budget deficit for fiscal years 1977-1980 must be a specified decreasing percentage of the deficit for fiscal year 1976. States that beginning with fiscal year 1981, Congress may not consider a Federal budget which includes a deficit.…