A bill to provide that there shall be no general revenue sharing unless the Federal budget is in balance or shows a surplus.

Provides that if the total budget receipts for any fiscal year do not equal or exceed total outlays, no allocation or payment shall be made under the State and Local Fiscal Assistance Act of 1972 to any State or unit of local government for any entitlement which begins in that fiscal year. Requires the Secretary of the Treasury to transfer to the general fund of the Treasury all amounts which are not paid out of such entitlement period by reason of the provisions of this Act.