Section 1. Short title
This Act may be cited as the Balanced Budget and Accounting Act.
Section 2. Requiring Presidents annual budget to be balanced budget
Section 1105(a) of title 31, United States Code, is amended in the matter preceding paragraph (1) by inserting after the first sentence the following: Each budget shall be a balanced budget, and under each budget total outlays may not exceed total receipts during the applicable fiscal year..