A joint resolution to establish a bipartisan National Commission of Federal Budget Deficit Reductions.

Establishes the National Commission on Federal Budget Deficit Reductions to review all relevant elements of fiscal and monetary policy. Requires particular emphasis to be given to the causes of cyclical and structural Federal budget deficits and the impact which growing structural Federal deficits have on employment, capital formation, and the vigor and viability of economic growth in the United States. Requires the Commission to: (1) identify problems which may hinder the control and reduction of Federal budget deficits; and (2) analyze all potential options which would result in deficit reductions and place the Government on a sound financial basis.

Requires the Commission to report to the President and Congress by January 15, 1985, detailed findings, conclusions, and recommendations for such legislation and administrative actions as it considers appropriate.

Terminates the Commission 30 days after submission of such report.