A bill to provide an annual general outline for the current Federal budgetary and fiscal situation.

Requires the Committee on Ways and Means of the House and the Committee on Finance of the Senate to, within the period beginning January 20 and ending March 1 of each calendar year, investigate, study, and hold hearings on the then current budgetary and fiscal situation of the Federal Government, and matters pertaining thereto, which will affect the fiscal, budgetary, and spending policies of the Federal Government for the following full fiscal year. Requires that, on or before March 15 of the year in which such investigation, study, and hearings are conducted, the Committee shall report to their respective House a simple resolution containing: (1) the anticipated gross national product in the following full fiscal year; (2) the estimated national total of all personal income in that fiscal year; (3) the estimated national total of all corporate and other business income in that fiscal year; (4) the estimated situation of the United States with respect to its balance of payments with foreign nations in that fiscal year; (5) the estimated revenues of the Federal Government in that fiscal year under existing authority; and (6) methods by which such estimated revenues may be increased or decreased, as necessary.

Provides that the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate each shall, within the period beginning January 20 and ending March 15 of each calendar year, investigate, study, and hold hearings on the entire appropriations program and policies of the Federal Government, for the following full fiscal year. Requires that, after March 20 and before April 1 of the year in which such investigation, study, and hearings are conducted, the Committee's shall report to their respective Houses a simple resolution containing: (1) the total anticipated appropriations objective, estimated in monetary terms, of the Congress and of the President in the following full fiscal year for which the Congress will provide appropriations for that year; (2) the total anticipated objective, estimated in monetary terms, of the Congress and of the President in the following full fiscal year with respect to the provision of lending programs for which the Congress will provide appropriations for that year; (3) the total anticipated allocations, estimated in monetary terms, of the Congress and of the President with respect to the costs of foreign exchange for programs in the following full fiscal year for which the Congress will provide appropriations in that year; and (4) estimated monetary allocations of the Budget dollar, stated in aggregate dollar amounts, for the respective activities of the Federal Government listed in the principal categories of national defense, aid to education, urban renewal, social security, agriculture, and transportation, and such other categories as the committee concerned considers appropriate, in the following full fiscal year, for which the Congress will provide appropriations for that year.