A bill to temporarily increase the statutory limit on the public debt, to revise certain procedures set forth in the Balanced Budget and Emergency Deficit Control Act of 1985, to call for an economic summit, and for other purposes.

Title I: Temporary Extension of Public Debt Limit - Increases the public debt limit (until September 30, 1987) to $2,358,000,000,000.

Title II: Budget Process Reform - Amends the Congressional Budget and Impoundment Control Act of 1974 to increase the permissible maximum deficit amounts for FY 1987 through 1990. Extends for one year the expiration date of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Title III: Economic Summit - Expresses the sense of the Congress that the President, together with the bipartisan leadership of the Senate and House of Representatives, should convene a domestic economic summit conference to address the dangerous economic situation which is created by large deficits and the ineffectual budget process. Directs the conference to report its recommendations for solutions to budgetary issues and budget process reforms to the Congress and the President.