Summary of the Balanced Budget and Emergency Deficit Control Act of 1985 Amends the Congressional Budget Act of 1974 to eliminate the second concurrent resolution on the budget and thus provide for the annual adoption of a single concurrent resolution on the budget (budget resolution). Sets forth maximum Federal budget deficit amounts for each of fiscal years 1986 through 1990 providing for the incremental reduction of the deficit to zero by 1990. Prohibits either House of Congress from considering or adopting a budget resolution or a revision thereof providing for budget outlays exceeding revenues by more than the prescribed maximum deficit amount. Requires the Congress to complete action on any reconciliation bill or resolution to: (1) an original budget resolution by June 15 of each year; or (2) a revised budget resolution within 30 days after the revision is adopted. Provides that no amendment that would increase specific budget outlays or reduce specific revenues set forth in a budget resolution or reconciliation bill as reported shall be in order in the House or the Senate, unless such amendment provides for offsetting adjustments in other outlays and revenues to ensure that total outlays are not increased and total revenues are not reduced. Requires each Senate and House committee to report its subdivisions of allocated budget outlays and new budget authority within ten legislative days after the budget resolution is agreed to. Makes it out of order for the House or the Senate, after the Congress has completed action on the budget resolution for a fiscal year, to consider legislation that, if enacted, would: (1) provide for or require budget outlays or new budget authority in excess of the appropriate committee allocation reported in connection with such resolution, unless the legislation is favorably reported by the Committee on Appropriations of the House involved with a certification that the appropriate committee will take actions necessary to assure that enactment of such legislation will not result in a deficit exceeding the maximum deficit amount applicable; or (2) provide for new budget authority or spending authority or reduce revenues so that the resulting deficit would exceed the maximum deficit amount applicable. Requires the conference report on any legislation providing new budget authority or new or increased tax expenditures to disclose the information required to be disclosed in committee reports on such legislation. Requires the Federal budget transmitted to the Congress by the President each year, and revisions thereof, to set forth levels of outlays and revenues resulting in a deficit not in excess of the applicable maximum deficit amount. Permits the President to transmit alternative budgets satisfying such requirement. Requires the Director of the Office of Management and Budget and the Director of the Congressional Budget Office: (1) to estimate the levels of total revenues and budget levels for each fiscal year; (2) to estimate the rate of real economic growth during that year; (3) to determine whether the deficit for such year will exceed the applicable maximum deficit amount and whether such excess is statistically significant; and (4) if either Director determines that the maximum deficit amount will be exceeded, to submit a report to the President and the Congress specifying the amount of such excess, whether it is statistically significant, the estimated rate of real economic growth for that year, and the percentages by which automatic spending increases and relatively controllable expenditures shall be reduced during such year in order to eliminate such excess. Requires the President, upon receiving such a report, to: (1) issue an order that eliminates one-half of such excess by suspending or uniformly reducing (not below zero) automatic spending increases under Federal law for such year and the other half by sequestering such amounts of budget authority as are necessary to reduce each relatively controllable expenditure by a uniform percentage; and (2) send a message to both Houses of Congress identifying the total amount and percentage by which automatic spending increases are to be reduced, the total amount of budget authority to be sequestered, the amount of budget authority to be sequestered for each relatively controllable expenditure, and the account, department, establishment, project, or function affected by the cut in budget authority. (Authorizes the President to issue such an order if the reported excess is not statistically significant.) Directs the President to issue such order: (1) within 14 days after receiving such report if the estimate for real economic growth for the fiscal year is zero or greater; or (2) within 30 days if the estimate for real economic growth is less than zero. Authorizes the President, during such 30-day period, to submit to the Congress a joint resolution to: (1) reduce the deficit to an amount not exceeding the applicable maximum deficit amount; or (2) suspend the requirements of this Act for such fiscal year. Permits the President's message to the Congress to include alternative ways to reduce the deficit to an amount not exceeding the maximum deficit amount. Permits the Committee on the Budget of the House or the Senate, within ten days after the President has issued such an order, to report a joint resolution superseding such order. Makes it out of order for the House or the Senate to consider or agree to any such resolution which, if enacted, would cause the fiscal year deficit to exceed the maximum deficit amount. Sets forth House and Senate procedures for consideration of such a resolution. Waives specified provisions of this Act in any fiscal year for which a declaration of war has been enacted. Makes this Act applicable through FY 1990.