Budget Process Reform Amendments of 1987

Budget Process Reform Amendments of 1987 - Title I: Amendments to House Rules - Amends the Rules of the House of Representatives to require, for the consideration of any resolution reported from the Committee on Rules which waives any provision of the Congressional Budget Act of 1974, that the Committee report contain explanations, justifications, and cost estimates of the provisions to which each such waiver applies. Requires a separate vote on each such waiver.

Prohibits the inclusion of extraneous matters in reconciliation measures.

Limits the spending levels for short-term continuing appropriations measures (those effective for 30-days or less).

Subjects long-term continuing appropriations measures to the same prohibitions on legislation and unauthorized provisions that apply to general appropriations bills.

Requires a three-fifths' vote of the House to waive points of order against provisions in a continuing resolution not previously adopted by the House.

Title II: Budget Act Amendments - Extends the point of order prohibiting the consideration of legislation that exceeds various spending limits to include budget outlays.

Prohibits the consideration of any appropriations bills until all appropriations bills are reported from the Committee on Appropriations.

Amends the Impoundment Control Act of 1974 to grant the President special rescission authority over long-term continuing appropriations measures that cover two or more regular appropriations bills.

Title III: Restoration of Automatic Sequestration - Deficit Reduction Commission Act of 1987 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish the Commission on Deficit Reduction which shall: (1) review and consider reports issued by the Director of the Office of Management and Budget and the Director of the Congressional Budget Office under such Act; (2) issue reports to the President and the Congress estimating the budget base levels of total revenues and total budget outlays for each fiscal year; (3) state whether there is a deficit for each fiscal year in excess of the permissible maximum deficit amount; (4) specify the amounts by which the deficit must be reduced to eliminate such excess deficit; and (5) perform other responsibilities required of the Commission under such Act. (Substitutes the Commission for the Comptroller General in the sequestration process.)

Terminates the Commission on September 30, 1991.