Four Percent Solution Budget Act

Four Percent Solution Budget Act - Title I: The Four Percent Solution - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to impose a four-percent cap on increases in outlays from the preceding year. Extends certain provisions and the terminating date of such Act through FY 1997 (currently, FY 1993).

Excludes receipts and disbursements of the Resolution Trust Corporation from the budget deficit or any other totals of the budget.

Amends the Congressional Budget Act to adjust the allowable maximum deficit amounts until there is a zero deficit in FY 1997.

Requires the President to issue a midyear sequester on March 15 necessary to meet deficit and outlay targets. Requires the Congressional Budget Office and the Office of Management and Budget to make specified preliminary reports to the President before the issuance of such sequester.

Title II: Preparation of the Budget - Amends Federal law to revise required budget contents with respect to estimated expenditures and proposed appropriations for the current fiscal year and the next fiscal year.

Amends the Congressional Budget Act of 1974 to require the starting point for deliberations in the Committees on the Budget in the House of Representatives and in the Senate on the concurrent resolution on the budget for the next fiscal year to be the estimated level of outlays for the current year in each function and subfunction. Revises content requirements for the report accompanying such resolution.

Requires the Director of the Congressional Budget Office to include in the report to the Budget Committees the estimated budget outlays in all functions and subfunctions for appropriated accounts for the current fiscal year and estimated budget outlays under current law for all entitlement programs for the next fiscal year.

Title III: Pay-As-You-Go Budget - Prohibits the concurrent resolution on the budget from causing: (1) total budget outlays (excluding outlays of the Resolution Trust Corporation) to exceed the outlays target for that fiscal year; and (2) the recommended level of Federal revenues (excluding revenues of the Corporation) to be less than the recommended level of Federal revenues for the preceding fiscal year (excluding revenues of the Corporation). Prohibits a concurrent resolution on the budget from: (1) providing for an outlay excess in a functional category unless it provides for a decrease in budget outlays in another functional category; or (2) providing for a reduction in the recommended level of Federal revenues below that set forth in the most recently agreed to concurrent resolution on the budget for the preceding year, unless it provides for a reduction in budget outlays below the appropriate level established for the preceding year.

Allows a waiver of such prohibitions by a three-fifths vote of each House of Congress.

Makes it out of order in the Senate and in the House to consider a concurrent resolution under which the recommended level of revenues for a fiscal year exceeds the appropriate level of total budget outlays for that fiscal year unless the resolution specifies the purposes for which the excess revenues are to be allocated.

Makes conforming amendments to Federal law with respect to the President's budget.