Sets forth certification procedures if a balanced budget in FY 2007 is projected by the Budget and Economic Outlook Update (for fiscal years 2003 through 2012), as reported by the Congressional Budget Office (CB0).
Requires the President to submit a proposal to balance the budget by such year should the CBO report not project a balanced budget. Requires a separate annual report on a homeland security budget.
Requires the House Budget Committee to report a revised concurrent resolution on the budget for FY 2003 (after the President's plan is submitted) instructing committees to reduce outlays or increase revenues or both to balance the budget. Provides for automatic discharge of the legislation implementing the President's proposal should the Committee fail to report.
Makes this Act subject to the congressional budget process requirements of the Congressional Budget Act, except as specified.