A bill to require that the President transmit to the Congress, and that the congressional Budget Committees report, a balanced budget for each fiscal year.
Requires the President to transmit to Congress for FY 1986 and each fiscal year thereafter a balanced budget.
Permits the transmittal of alternate budget proposals which, if implemented, would result in a deficit or surplus if the President determines that a balanced budget is inappropriate for any fiscal year.
Requires that any such alternate budget proposals for a fiscal year include a comprehensive plan to balance the Federal budget.
Requires the Committee on the Budget of each House to report by April 15 of every year a balanced budget for the upcoming fiscal year.
Requires the Committee on the Budget of either House also to report a comprehensive plan to balance the Federal budget, if it determines that a balanced budget is inappropriate for any fiscal year.
Received in the Senate and read twice and referred to the Committee on Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee has thirty days of continuous session to report or be discharged.