Amends the Congressional Budget Act of 1974 to require the concurrent resolution on the budget for: (1) FY2012 to include a detailed benchmark plan to reduce discretionary spending to eliminate the budget deficit by FY2020; and (2) FY2013-FY2020 to be compliant with such plan, but include any necessary adjustments to meet its goal.
Requires the congressional budget committees, if they determine that an economic emergency exists, to include such a statement in the applicable budget resolution.
Provides that if such statement is included in the budget resolution, then the detailed benchmark plan to eliminate the budget deficit by FY2020: (1) is not required to be included in such budget resolution; and (2) shall be postponed by one fiscal year.
Makes it out of order in both chambers to consider any budget resolution for any fiscal year through 2020 if it is in violation of this Act. Permits waiver or suspension of such requirement, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Senate.