To provide for 2-year Federal budget cycles.

Amends the Congressional Budget Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable, beginning in the 102d Congress. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year.

Devotes the first session of any Congress to the budget resolution and to appropriations decisions, retaining current deadlines in most cases. Changes relevant deadlines to conform to the biennial scheme. Devotes each second session to authorization activity.

Changes from January 15 to February 15 of each year the date by which the CBO Director must submit to the Congress a report on authorizations. Requires the Director of the CBO to issue four-year projections of congressional budget action. (Current projections are on a five-year basis.)

Revises the extent of projections to be included in CBO analyses of reported bills.

Amends the Rules of the House of Representatives to conform to the biennial framework.

Conforms provisions governing the President's budget to the biennial framework.