A bill to provide for a biennial budget for the United States, to amend part C of the Balanced Budget and Emergency Deficit Control Act of 1985, to remove the Comptroller General and the Director of the Congressional Budget Office from participation in the deficit reduction process under the Act, and to amend the Impoundment Control Act of 1974.

Title I: Biennial Budget - Amends the Congressional Budget Act of 1974 to revise the Federal and congressional budget process by: (1) establishing a two-year budgeting cycle beginning in the 101st Congress; and (2) providing for the separate consideration of authorizations, appropriations, the concurrent resolution on the budget, and the reconciliation bill or resolution.

Requires each standing committee of the Congress to review the laws and programs under its jurisdiction in every odd-numbered year to determine whether such programs should be continued, curtailed, or eliminated and whether new legislation is necessary to comply with congressional intent.

Title II: Amendment of Part C of the Balanced Budget and Emergency Deficit Control Act of 1985 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to remove the Comptroller General and the Director of the Congressional Budget Office (CBO) from participation in the sequestration process. Requires the President's initial and final sequestration orders to be in accordance with initial and revised reports by the Director of the Office of Management and Budget (OMB). Requires the Director of OMB (currently, the Director of CBO) to notify the Congress of low economic growth triggering action to suspend sequestration procedures. Repeals provisions setting forth alternative sequestration reporting procedures that were to be followed in the event that the joint CBO-OMB-General Accounting Office reporting procedures were invalidated.

Title III: Rescissions of Budget Authority - Amends the Impoundment Control Act of 1974 to provide that budget authority proposed to be rescinded or reserved in a special message from the President to the Congress shall be made available for obligation if, within the prescribed 45-day period, the Congress completes action on a rescission bill which disapproves such proposal. (Current law requires such budget authority to be made available unless the Congress passes a bill rescinding it.)