An original concurrent resolution setting forth the congressional budget for the United States Government for the fiscal years 1988, 1989, 1990, 1991.

Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 through 1991.

Sets forth the levels and amounts of Federal revenues, budget outlays, and deficits for FY 1988 through 1991 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenue of $678,400,000,000 for FY 1988, $723,900,000,000 for FY 1989, $787,600,000,000 for FY 1990, and $860,500,000,000 for FY 1991. Sets the amount by which the aggregate levels of Federal revenues should be increased at $18,500,000,000 for FY 1988, $23,500,000,000 for FY 1989, $23,500,000,000 for FY 1990, and $32.500,000,000 for FY 1989, $23,500,000,000 for FY 1990, and $32,500,000,000 for FY 1991. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,900,000,000 for FY 1989; (3) $68,900,000,000 for FY 1990; and $74,300,000,000 for FY 1991.

Sets the appropriate levels of total new budget authority at $917,100,000,000 for FY 1988, $958,800,000,000 for FY 1989, $983,100,000,000 for FY 1990, and $1,031,800,000,000 for FY 1991.

States that the appropriate levels of total budget outlays are $848,000,000,000 for FY 1988, $876,500,000,000 for FY 1989, $903,600,000,000 for FY 1990, and $928,800,000,000 for FY 1991.

Sets the amount of the deficit at $169,600,000,000 for FY 1988, $152,600,000,000 for FY 1989, $116,000,000,000 for FY 1990, and $68,300,000,000 for FY 1991.

States that the appropriate levels of the public debt shall be $2,585,800,000,000 for FY 1988, $2,805,500,000,000 for FY 1989, $2,986,700,000,000 for FY 1990, and $3,120,200,000,000 for FY 1991. States that the amounts by which statutory limits on such debt should be increased are as follows: (1) $232,000,000,000 for FY 1988; (2) $219,700,000,000 for FY 1989; (3) $181,200,000,000 for FY 1990; and (4) $133,500,000,000 for FY 1991.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,000,000,000 for new direct loan obligations, $156,500,000,000 for new primary loan guarantee commitments, and $100,600,000,000 for new secondary loan guarantee commitments for FY 1988; (2) $32,300,000,000 for new direct loan obligations, $150,400,000,000 for new primary loan guarantee commitments, and $97,900,000,000 for new secondary loan guarantee commitments for FY 1989; (3) $31,000,000,000 for new direct loan obligations, $158,100,000,000 for new primary loan guarantee commitments, and $94,600,000,000 for new secondary loan guarantee commitments for FY 1990; and (4) $30,100,000,000 for new direct loan obligations, $165,400,000,000 for new primary loan guarantee commitments, and $91,000,000,000 for new secondary loan guarantee commitments for FY 1991.

Sets forth the levels of budget authority, budget outlays, new direct obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for each major functional category for FY 1988 through 1991.

Requires the following Senate Committees to report changes in laws within their jurisdiction and make recommendations sufficient to reduce budget authority and outlays and, in some cases, increase contributions by specified amounts for FY 1988 through 1991: (1) Agriculture, Nutrition, and Forestry; (2) Armed Services; (3) Banking, Housing, and Urban Affairs; (4) Commerce, Science, and Transportation; (5) Energy and Natural Resources; (6) Environment and Public Works; (7) Finance; (8) Governmental Affairs; (9) Labor and Human Resources; and (10) Veterans' Affairs.

Requires the following House Committees to report changes in laws within their jurisdiction and make recommendations sufficient to reduce budget authority and outlays and, in some cases, increase contributions by specified amounts for FY 1988 through 1991: (1) Agriculture; (2) Armed Services; (3) Banking, Finance and Urban Affairs; (4) Education and Labor; (5) Energy and Commerce; (6) Government Operations; (7) Interior and Insular Affairs; (8) Post Office and Civil Service; (9) Veterans' Affairs; and (10) Ways and Means.

Directs the Senate Committee on Finance and the House Committee on Ways and Means to report changes in laws within the jurisdiction of such committees which are sufficient to increase revenues by specified amounts in FY 1988 through 1991.

Directs the Budget Committees to report a reconciliation bill or resolution carrying out all such recommendations without substantive revision.

Expresses the sense of the Congress that: (1) the Committee on Finance of the Senate and the Committee on Ways and Means of the House shall report legislation to establish a deficit reduction account in the Treasury; and (2) the Government, generally, should sell assets to non-governmental buyers but recommends no sales specifically.

Describes the budgetary treatment of legislation authorizing the prepayment of certain loans.

Establishes a reserve fund for FY 1988 through 1991 for: (1) the child care and job training initiative; and (2) the Medicare catastrophic health insurance initiative.