A bill to amend the Employment Act of 1946 to require the submission of a balanced budget, and for other purposes.

Amends the Employment Act of 1946 to require the annual budget submitted by the President pursuant to the Budget and Accounting Act, 1921, to contain a total amount of estimated outlays equal to the total amount of estimated receipts which would result if the increase in real economic growth for the fiscal year concerned was three percent.

Authorizes the President to submit an alternative budget which does not comply with such requirement. Permits the Congress to consider such an alternative budget if each House concurs, by a two-third vote, with the President's determination that a national emergency so requires.