Limits to Government Act

[AI summary unavailable — showing source text] Limits to Government Act - Declares that it is the responsibility of the Federal Government to: (1) reduce Federal expenditures to no more than 20 percent of the gross national product, except in times of war or other national emergency; (2) annually review existing tax rates and make any reductions necessary to promote optimum employment of human and material resources; and (3) provide for a balanced budget no later than 1982. Title I: Amendments to the Budget and Accounting Act, 1921 - Specifies that Federal expenditures not exceed 20 percent of the estimated gross national product. Permits any additional estimated expenditures and proposed appropriations necessary for the support of the Government and justified by a compelling national need. Authorizes tax proposals required to reduce receipts to no more than 20 percent of the estimated gross national product for the ensuing year. Allows for any revisions necessary in the estimated gross national product. Title II: Amendments to the Congressional Budget Act of 1974 - Requires that the contents of the first concurrent resolution of the budget be separated into two titles, specifying the contents of each title. Prescribes a two-st…