Setting forth the congressional budget for the United States Government for the fiscal years 1990, 1991, and 1992.

Sets forth the concurrent resolution on the budget for FY 1990 and the appropriate budgetary levels for FY 1991 and 1992.

Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1990 through 1992 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 revenues of $776,300,000,000 for FY 1990, $831,800,000,000 for FY 1991, and $884,400,000,000 for FY 1992. Sets the amount by which the aggregate levels of Federal revenues should be increased at $5,800,000,000 for FY 1990, $6,200,000,000 for FY 1991, and $6,300,000,000 for FY 1992. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues for hospital insurance: (1) $69,900,000,000 for FY 1990; (2) $75,200,000,000 for FY 1991; and (3) $79,900,000,000 for FY 1992.

Sets the appropriate levels of total new budget authority at $1,041,400,000,000 for FY 1990, $1,116,000,000,000 for FY 1991, and $1,148,400,000,000 for FY 1992.

States that the appropriate levels of total budget outlays are $945,000,000,000 for FY 1990, $1,001,500,000,000 for FY 1991, and $1,041,600,000,000 for FY 1992.

Sets the amount of the deficit at $168,700,000,000 for FY 1990, $169,700,000,000 for FY 1991, and $157,200,000,000 for FY 1992.

Sets the appropriate levels of the public debt at $3,122,700,000,000 for FY 1990, $3,374,300,000,000 for FY 1991, and $3,600,700,000,000 for FY 1992.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $19,300,000,000 for new direct loan obligations, $107,300,000,000 for new primary loan guarantee commitments, and $93,200,000,000 for new secondary loan guarantee commitments for FY 1990; (2) $19,600,000,000 for new direct loan obligations, $115,000,000,000 for new primary loan guarantee commitments, and $97,100,000,000 for new secondary loan guarantee commitments for FY 1991; and (3) $19,500,000,000 for new direct loan obligations, $119,600,000,000 for new primary loan guarantee commitments, and $100,900,000,000 for new secondary loan guarantee commitments for FY 1992.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for each major functional category for FY 1990 through 1992.

Expresses the sense of the Congress that: (1) the Congress shall present the revenue and the spending reduction provisions of the reconciliation bill to the President concurrently; and (2) specific measures governing the governmental receipts figure will be determined through the regular processes, with any revenue legislation reconciled in accordance with the agreement between the executive branch, the House Ways and Means Committee, the Senate Committee on Finance to be advanced legislatively when supported by the President.

Requires the following Senate Committees to report to the Senate Committee on the Budget by July 15, 1989, changes in laws within their respective jurisdictions that are sufficient to increase contributions and reduce budget authority and outlays by specified amounts in FY 1990: (1) Committee on Agriculture, Nutrition, and Forestry; (2) Committee on Banking, Housing, Urban Affairs; (3) Committee on Commerce, Science, and Transportation; (4) Committee on Environment and Public Works; (5) Committee on Finance; (6) Committee on Governmental Affairs; (7) Committee on Labor and Human Resources; and (8) Committee on Veterans' Affairs.

Directs the following House Committees to report to the Committee on the Budget of the House of Representatives corresponding changes with respect to FY 1990 and 1991: (1) Committee on Agriculture: (2) Committee on Banking, Finance and Urban Affairs; (3) Committee on Education and Labor; (4) Committee on Energy and Commerce; (5) Committee on Government Operations; (6) Committee on Interior and Insular Affairs; (7) Committee on Merchant Marine and Fisheries; (8) Committee on Post Office and Civil Service; (9) Committee on Veterans' Affairs; and (10) Committee on Ways and Means.

Directs the Budget Committees to report to the House and Senate reconciliation legislation implementing the recommended changes.

Expresses the sense of the Congress that: (1) the Government should sell assets to nongovernment buyers; and (2) the amounts realized from such sales will not recur on an annual basis and do not reduce the demand for credit.

Assumes deficit-neutral adjustments (contingent on legislation to make funds available) of allocations to: (1) the Senate Committee on Finance for increased funding for children and for increased Medicaid funding; and (2) the House Ways and Means Committee for increased funding for children.

Expresses the sense of the Senate that if the relevant committee of the House of Representatives recommends legislation to provide for increased Medicaid funding, the Senate shall adopt revised reconciliation instructions to incorporate Medicaid increases reflected in this resolution.