Omnibus Budget Reform and Impoundment Control Act

Omnibus Budget Reform and Impoundment Control Act - Title I: Budget Reform Machinery and Procedures - Establishes Committees on the Budget within the Senate and House of Representatives to determine an overall limitation on budget outlays and authority of the United States Government.

Provides that on or before May 1 of each year, the Congress shall complete action on a concurrent resolution setting forth the congressional budget for the United States Government for the fiscal year beginning on July 1 of that year. Specifies the matters required to be set forth in such concurrent resolution.

Requires, before March 1 of each year, specified Committees to submit their views and recommendations to the Committee on the Budget.

Sets forth the timetable for the first concurrent resolution on the budget, including the effect of specified adjournments. Declares that Congress must adopt a final concurrent resolution on the budget before adjourning. Prescribes procedures for expediting consideration of such resolution.

Provides for a tax surcharge where the budget deficit will be greater, or the surplus will be smaller, than that determined to be appropriate.

Describes the requirements for amendments to concurrent resolutions made during the consideration in either House of such resolutions.

Requires that any legislation dealing with the Congressional budget must be handled by the Committees on the Budget. States that the concurrent resolution on the budget must be adopted before appropriations, and changes in revenues and public debt, are made.

Sets forth: (1) requirements for legislation providing new budget authority; (2) possible outlay limitations in budget authority legislation; (3) limitations on new permanent budget authority; (4) limitations on new spending authority; and (5) requirement of authorizations by legislative committees before the beginning of the fiscal years.

Title II: Legislative Budget Director and Staff - Provides that the Committees on the Budget shall have a Joint Legislative Budget Staff, headed by a Legislative Budget Director.

Establishes for these committees the Office of Program Evaluation under the direction and control of the Lesiglative Budget Director. States that it shall be the duty of the Office to: (1) conduct studies in the field of program evaluation to provide the respective Committees with information to increase the effectiveness of congressional activity; and (2) provide a basis for Congressional action based on analysis by the Congress, and not solely on information furnished from the executive branch.

Sets forth the powers granted to the Legislative Budget Director. Extends additional powers to the Legislative Budget Director to secure directly from any executive office or instrumentality of the Government, information relating to the functions of the Joint Legislative Budget Staff or the Office of Program Evaluation.

Directs the Joint Legislative Budget Staff and the Office of Program Evaluation to develop for the Committees on the Budget information with respect to existing and proposed legislation to form the basis for estimating budget outlays for the next three to five fiscal years.

Title III: Additional Budget Information - Provides that, under the Budget and Accounting Act, any proposal for an increase or decrease in budget outlays must be accompanied by an analytical justification of the need for such increase or decrease, together with two alternatives to such proposal and an explanation of the projected application of each alternative in the light of national needs.

Title IV: Impoundment Control Procedures - States that whenever the President, Director of the Office of Management and Budget, or head of any department or agency of the United States, impounds or authorizes the impounding of, any funds authorized for a specific purpose, the President shall, within ten days, transmit to the Congress a special message specifying: (1) the amount of funds impounded; (2) the date on which the funds were ordered to be impounded; (3) the date the funds were impounded; (4) any department to which such impounded funds would have been available and the specific projects involved; (5) the period of time during which the funds are to be impounded; (6) the reasons for the impoundment, including any legal authority invoked by him to justify the impoundment; and (7) to the maximum extent practicable, the estimated fiscal, economic, and budgetary effect of the impoundment.

Provides that any impoundment of funds shall cease if within sixty calendar days of continuous session the specific impoundment shall have been disapproved by the Congress by passage of a concurrent resolution in accordance with the procedure set out in this Act.

Sets forth specified rules, applicable only with respect to the procedure to be followed in that House in the case of resolutions described by this Act.

Title V: Ceiling on Fiscal year 1974 Expenditures - Provides that, with specified exceptions, expenditures and net lending during fiscal year 1974, under the budget of the United States Government, shall not exceed $267,100,000.