To amend the Congressional Budget Act of 1974 to eliminate the division of discretionary appropriations into 3 categories for purposes of a discretionary spending limit for fiscal years 1992 and 1993, and for other purposes.

Amends the Congressional Budget Act of 1974 to eliminate the division of discretionary appropriations into three categories (defense, international, and domestic) for purposes of discretionary spending limits for FY 1992 and 1993. Directs the Office of Management and Budget to recalculate any adjustments made to such spending limits before enactment of this Act under the sequestration provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the President to report to the Congress with revised discretionary spending limits by the fifth day after enactment of this Act.