Fiscal and Budgetary Reform Act

Fiscal and Budgetary Reform Act - Title I: Congressional Office of Budget Analysis and Program Evaluation - Establishes for the Congress an Office of Budget Analysis and Program Evaluation which shall be subject to supervision and control by the Joint Economic Committee. Provides for the structure and organization of such Office. States that prior to the submission of the Budget of the United States Government for each fiscal year, the Joint Committee staff, including the office, shall make a thorough study of the nation's economic conditions and that based upon that study the Executive Director of the Joint Committee shall two days prior to reciept of the United States Budget make a report to the Joint Committee with an estimate of Federal revenues and outlays. Provides that upon receipt of this study and the United States Budget the Joint Committee will hold hearings and report to all Committees of the Senate and House of Representatives the appropriate Federal fiscal policy. Provides that upon receipt of the Joint Committee report the respecting committees on Appropriation shall report a bill establishing the total outlays for the fiscal year. Provides for the Office of Budget Analysis and Program Evaluation to provide sundry fiscal information to the committees and members of Congress.

Title II: Departmental Budget Process -Provides that in the departmental formulation of the budget there shall be participation by State and local officials. Requires open hearings and the opportunity for elected officials to appear before budget examiners and departmental secretaries in the preparation of the budget.

Title III: Investigation by Comptroller General of Impoundment Funds - Requires the Comptroller General to investigate impoundments to verify the information provided by the Executive Branch and to assess the validity of the reason given for the impoundment.

Title IV: Legislative Oversight and Veto of Impoundment of Funds - Prohibits the President from impounding funds when such impoundment would impair a congressionally approved program. States that no program would be permitted to be terminated by the impoundment of funds. Requires the Comptroller General to report to Congress as to whether or not the impoundment has impaired or terminated a program. Provides that if such a finding is made Congress must within 30 days approve such impoundment or the impoundment is disallowed and the funds must be spent.

Title V: Three-Year Limitation on Authorizations for Appropriations; Congressional Review of Major Expenditure Programs - Provides for a 3 year limitation on authorization. Provides for congressional review of expenditure programs in the last fiscal year for which appropriations are authorized for such programs.

Title VI: Information to Taxpayers on Spending of Income Taxes Paid by Them - Requires the Internal Revenue Service to furnish to all taxpayers a statement setting forth the proportional dollar amount of that individual's income taxes which were spent by the Federal Government for each of the specified subjects areas.