To amend the Congressional Budget Act of 1974 to provide for budgeting for emergencies through the establishment of a budget reserve account, and for other purposes.

Requires the establishment of a budget reserve account for the funding for natural disasters and national security emergencies.

Amends the Congressional Budget Act of 1974 to include such funding in the budget process.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal provisions relating to emergency appropriations.

Requires annual reports to the Congress on expenditures from such account.