A bill to amend the Congressional Budget Act of 1974 to require a balanced budget within three 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] Amends the Congressional Budget Act of 1974 to limit the Federal budget deficit for fiscal years 1980 and 1981 to a specified decreasing percentage of the deficit for fiscal year 1979. States that beginning with fiscal year 1981 Congress may not consider a Federal budget which includes a deficit.…