Revising the congressional budget for the United States Government for fiscal year 2007, establishing the congressional budget for the United States Government for fiscal year 2008, and setting forth appropriate budgetary levels for fiscal years 2009 through 2012.

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Revises and replaces the congressional budget for the federal government for FY2007.

Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2009-FY2012.

Title I: Recommended Levels and Amounts - (Sec. 101) Recommends budgetary levels and amounts for FY2007-FY2012 for: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; and (6) debt held by the public.

(Sec. 102) Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2007-FY2012.

Title II: Reserve Funds - Creates reserve funds, subject to specified conditions, for legislation concerning: (1) the State Children's Health Insurance Program (SCHIP); (2) alternative minimum tax revision; (3) middle-income tax relief and economic equity; (4) agriculture; (5) higher education; (6) Medicare improvements; (7) creation of long-term energy alternatives; (8) affordable housing; (9) equitable benefits for Filipino veterans of World War II; (10) reauthorization of the Secure Rural Schools and Community Self-Determination Act; (11) receipts from the Bonneville Power Administration; and (12) the Transitional Medical Assistance program extension.

Title III: Budget Enforcement - (Sec. 301) Provides for adjustments to discretionary spending limits, budgetary aggregates, and allocations for: (1) continuing disability reviews and Supplemental Security Income (SSI) redeterminations by the Social Security Administration (SSA); (2) Internal Revenue Service (IRS) tax compliance; (3) the health care fraud and abuse control program; and (4) unemployment insurance improper payments reviews.

Requires all House committees to: (1) review programs within their jurisdiction to root out waste, fraud, and abuse in program spending, giving particular scrutiny to issues raised by Government Accountability Office (GAO) reports; and (2) recommend, based on these oversight efforts and committee performance reviews, improved governmental performance in annual views and estimates reports to the House Committee on the Budget.

(Sec. 302) Prohibits House legislation that would require advance appropriations, except certain FY2009 or FY2010 programs, projects, activities, or accounts.

(Sec. 303) States that new budget authority, outlays, and receipts resulting from adoption of legislation making appropriations for FY2008-FY2009 for overseas deployments and related activities, or emergency appropriations for nondefense discretionary spending, shall not count for certain purposes of the Congressional Budget Act of 1974 (CBA).

Title IV: Policy - (Sec. 401) Declares the policy of this resolution on: (1) middle-income tax relief; (2) defense priorities; and (3) college affordability.

Title V: Sense of the House - (Sec. 501) Expresses the sense of the House of Representatives on: (1) servicemembers' and veterans' health care and other priorities; (2) the Innovation Agenda: A Commitment to Competitiveness to Keep America #1; (3) homeland security; (4) the ongoing need to respond to Hurricanes Katrina and Rita; (5) long-term sustainability of entitlements; (6) the need to maintain and build upon efforts to fight hunger; (7) affordable health coverage; (8) extension of the statutory Pay-As-You-Go (PAYGO) rule; (9) long-term budgeting; (10) pay parity; (11) waste, fraud, and abuse; (12) child support enforcement; and (13) state veterans cemeteries.

Title VI: Reconciliation - (Sec. 601) Sets forth reconciliation instructions for the House Committee on Education and Labor.