Fiscal Procedures Reform Act of 1987

Fiscal Procedures Reform Act of 1987 - Amends the Congressional Budget and Impoundment Control Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriation cycle.

Defines a "two-year fiscal period" as the 24-month period beginning on October 1 of each odd-numbered year.

Sets forth a revised timetable for a biennial budget. Requires the Congress: (1) by May 15 of each odd-numbered year, to complete action on the concurrent resolution on the budget for the two-year fiscal period; and (2) by September 30 of each odd-numbered year, to complete action on all appropriation bills for the two-year fiscal period. Requires the President, by the following January 15th, to submit any revisions the President may desire in such budget.

Requires any legislation which authorizes enactment of new budget authority or provides a certain type of spending authority to be referred to the Committee on Appropriations of the House or Senate.

Requires the Director of the Congressional Budget Office to issue six-year (rather than five-year) budget projections beginning each fiscal year.

Terminates the Budget Committees of the House of Representatives and the Senate and transfers their functions to the respective Committees on Appropriations. Sets forth the jurisdiction, authority, and membership of the House and Senate Committees on Appropriations.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the sequestration mechanism. Repeals certain provisions respecting the statutory limit on the public debt.