Balanced Budget Act

[AI summary unavailable — showing source text] Balanced Budget Act - Amends the Congressional Budget Act of 1974 to prohibit either House of Congress from considering any concurrent resolution on the budget, any amendment to it, or any conference report on it, if the adoption of such a measure would cause total budget outlays to exceed the recommended level of Federal revenues. Provides for a waiver of such prohibition by a three-fifths vote of the Congress (or by a majority vote) during a national emergency or declaration of war. Requires inclusion in the budget of budget authority for and revenues from all activities of the Federal Government, except revenues derived from borrowing and outlays for repayment of debt principal.…