A substitute amendment providing a freeze in defense spending at FY'85 level, plus additional cuts in next two years through elimination of several major weapons systems. It provides a full COLA for Social Security and other Federal retirement programs, calls for cuts in certain nondefense programs with increases in others particularly in the area of job creation. It includes substantial increases in Federal revenues, including a 25 percent minimum tax on corporations, repeal of the investment tax credit and accelerated cost recovery depreciation system, higher income taxes for wealthy individuals, and uses part of resulting revenue gain to provide tax relief for low- and moderate- income people.