Capital Budgeting Act of 1992

Capital Budgeting Act of 1992 - Amends Federal law to require that the budget the President submits to the Congress be a unified budget comprising an operating budget and a capital budget, each presented separately for unified funds, general funds, trust funds, and enterprise funds. Restricts the capital budget to the major activities, projects, and programs supporting the acquisition, construction, alteration, and rehabilitation of capital assets and the major programs and activities which support nonmilitary research and development, education and job training. Includes all other items in the operating budget. Requires the President to present certain additional information and to include, to the extent applicable, the capital investments by State and local governments not financed by the Federal Government.

Directs the Comptroller General to review and report to the Congress, as necessary, on the implementation of this Act.

Requires the Committee on the Budget of the House of Representatives to submit legislation to establish additional deficit targets under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) beginning in FY 1994 which would require the eventual elimination of deficits in the operating account.

Requires the House Committee on Government Operations to report legislation directing the Comptroller General to evaluate the value and usefulness: (1) of capital investments in the capital account on an annual basis; and (2) of proposed capital investments submitted to the House after enactment of this Act.

Requires the House Committee on Rules to report legislation establishing rules to facilitate the enforcement of amendments made by this Act.