A bill to revive and extend the authorization of appropriations for the general revenue sharing program.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to repeal provisions that terminated the general revenue sharing program. Restores provisions of Federal law governing such program as such provisions existed before enactment of such Act. Authorizes appropriations for such program for FY 1988 through 1990. Decreases the amount that may be appropriated to the State and Local Government Fiscal Assistance Trust Fund for entitlement amounts allocated to local governments.