Limits to Government Act of 1979

[AI summary unavailable — showing source text] Limits to Government Act of 1979 - 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 for any fiscal year shall not exceed 20 percent of the estimated gross national product or exceed the estimated receipts of the Government for such year. Requires the President to state in the Budget: (1) the relative priorities of estimated expenditures and proposed appropriations; and (2) the tax proposals necessary to reduce Government receipts to no more than 20 percent of the estimated gross national product. Title II: Amendments to Congressional Budget Act of 1974 - Sets forth a new procedure for the development of the budget under the Congressional Budget Act of 1974. Requires that the House of Representatives and the Senate each adopt concurrent r…