To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a second Presidential order in April of each fiscal year based upon a March report by the Director of the Office of Management and Budget, and for other purposes.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for a revised presidential order in April of each fiscal year on Federal Spending limitations based on revised reports of the Office of Management and Budget (OMB) made in March of the fiscal year. Requires the Comptroller General to submit a revised compliance report to the Congress on or before May 1 of the fiscal year based upon the revised reports of the President and OMB.