A bill to amend the Congressional Budget Act of 1974 to require that the public debt be paid within a period of twenty years and that the level of total budget outlays for any fiscal year not exceed the level of Federal revenues for such year, and for other purposes.

Amends the Congressional Budget Act of 1974 to: (1) prohibit total budget outlays from exceeding the level of Federal revenues in any fiscal year; and (2) require the retirement of the public debt by September 30, 2001, through annual five percent reductions in the level of Federal indebtedness set forth in the second concurrent resolution on the budget for fiscal year 1979.

Declares that it shall not be in order in either House of Congress to consider or adopt any concurrent resolution on the budget which contravenes such requirements.

Permits the Congress to waive such requirements by a concurrent resolution passed by three-fourths of the membership of each House.

Amends the Budget and Accounting Act, 1921, to require the budget submitted by the President to reflect such requirements on the basis of the best available estimates.