A bill to amend the Congressional Budget Act of 1974 to limit the levels of total budget outlays contained in certain concurrent resolutions on the budget.

[AI summary unavailable — showing source text] Amends the Congressional Budget Act of 1974 to prohibit the adoption of any concurrent resolution on the budget which contains a level of total budget outlays in excess of the following percentages of the gross national product for the last complete calendar year preceding the following fiscal years: 25 1/4 percent for fiscal year 1980; 24 percent for fiscal year 1981; and 23 percent for each fiscal year thereafter. States that such prohibition shall not apply to a concurrent resolution for a fiscal year if: (1) the President reports that an economic or national security emergency exists and will continue throughout such fiscal year; and (2) such resolution states the nature of such an emergency and the expenditures that are required due to the emergency.…