Budget Act Amendments of 1989

Budget Act Amendments of 1989 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to make its provisions permanent and to eliminate exemptions.

Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude, beginning with FY 1990, Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund receipts and outlays from Federal deficit determinations for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985.

Increases the permissible maximum deficit amounts for FY 1990 through 1992. Establishes allowable maximum deficits for FY 1993 through 1996, to reach zero with respect to FY 1997.

Changes the definition of maximum deficit amount for a fiscal year to reflect the amount by which the prior year's actual deficit exceeds that year's maximum deficit amount.

Directs the Administrator of the Social Security Administration to report to the President and the Congress on the viability of the Federal Old-Age and Survivors Trust Fund.

Requires the Director of the General Accounting Office to report to the Congress on methods of implementing the use of common economic assumptions.