Federal Budgetary Responsibility and Control Act

Federal Budgetary Responsibility and Control Act - States the finding of the Congress that it is necessary to establish a procedure by which a total limit on Federal expenditures may be set for each fiscal year.

Title I: Congressional Expenditure Limitation - Provides that the expenditures and net lending (budget outlays) of the Federal Government during each ensuing fiscal year shall not exceed that amount which the Congress shall fix by joint resolution no later than April 30 of each year.

Requires the Director of the Office of Management and Budget to report to the President and the Congress not later than fifteen days after the sine die adjournment of each session of the Congress on his estimate of the net effect of action or inaction by the Congress with respect to total expenditure and net lending recommended by the President for the fiscal year following such session.

Title II: - Federal Impoundment Procedures - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by an officer or employee fo the United States, he shall, within ten days thereafter, transmit to the House of Representatives and the Senate a special message. Provides that such message shall specify: (1) the amount of funds impounded; (2) the specific projects or functions affected thereby; and (3) the reasons for the impoundment.

Title III: Legislative Budget - Establishes a joint committee of the Congress to be known as the Joint Committee on the Budget. Provides for the composition of such Committee.

Title IV: Five year Budget Projections - Requires the President to transmit to the Congress during the first fifteen days of each regular session an alternative budget taking into account contingency plans for major disasters or economic or strategic dislocations.

Title V: Three-Year Limitation on Authorizations for Appropriations; Congressional Review of Major Expenditure Program - Limits authorizations for appropriations for major expenditure programs to periods of three fiscal years for each. Provides for review by the committees of the Congress having jurisdiction for the expenditure programs to conduct comprehensive reviews and studies of such programs.

Title VI: Pilot Testing of New Major Expenditure Programs - Limits consideration of bills in both Houses to those which provide for a pilot test of any new major expenditure program established therein.

Title VII: Requirement of Annual Appropriations - Provides that moneys may be paid out of the Treasury to defray expenditures incurred in any fiscal year only pursuant to appropriation Acts enacted for that fiscal year.

Title VIII: Exercise of Rulemaking Power - Enacts sections of this Act as an exercise of the rulemaking powers of the Congress.

Title IX: Effective Date - Makes the provisions of this Act effective on July 1 of the fiscal year immediately following that in which this Act is enacted.