Federal Budget Reform Act of 1987

Federal Budget 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 cycle beginning in the 101st Congress.

Defines a two-fiscal-year budget period as the period of two consecutive fiscal years beginning on October 1 of any odd-numbered year.

Sets forth a revised timetable for a biennial budget. Requires the Congress, by September 30 of each odd-numbered year, to complete action on the concurrent resolution on the budget, all regular appropriation bills, and the reconciliation bill or resolution for the two-fiscal-year budget period beginning on October 1 of that year. Requires the President, by the following January 15th, to transmit to the Congress any revisions the President may desire in such budget. Requires the Director of the Congressional Budget Office, by the following March 31, to transmit to the Committees on the Budget of the House and the Senate, any revisions of the Office's fiscal policy report needed due to the President's revisions or changing economic conditions. Requires each Congress, by the last day of the second session, to complete action on bills and resolutions authorizing new budget authority for the two-fiscal-year budget period beginning on October 1 of the succeeding odd-numbered calendar year.

Makes it out of order in the House or the Senate, unless waived or suspended by a three-fifths' vote, to consider any regular appropriation bill for a budget period until the Committee on Appropriations of that House has reported all of the regular appropriation bills. Requires all regular appropriation bills to be reported to the House by June 1 and passed by the House by June 15 of each odd-numbered year. Requires all regular appropriation bills to be reported by the Senate by June 30 and passed by the Senate by July 31 of each odd-numbered year.

Permits a change in budget accounts of the President's budget or estimates of outlays and proposed budget authority only in consultation with the House and Senate Appropriations and Budget Committees and the committees having jurisdiction over the affected programs and activities.

Sets forth technical and conforming amendments.