A bill to amend the Congressional Budget Act of 1974 to limit the levels of total budget outlays contained in certain concurrent resolutions on the budget.

Amends the Congressional Budget Act of 1974 to prohibit the adoption of any concurrent resolution on the budget which contains a level of total budget outlays in excess of the following percentages of the gross national product for the last complete calendar year preceding the following fiscal years: 25 1/4 percent for fiscal year 1980; 24 percent for fiscal year 1981; and 23 percent for each fiscal year thereafter.

States that such prohibition shall not apply to a concurrent resolution for a fiscal year if: (1) the President reports that an economic or national security emergency exists and will continue throughout such fiscal year; and (2) such resolution states the nature of such an emergency and the expenditures that are required due to the emergency.