Budget Control Act

Budget Control Act - Title I - Ceiling on Fiscal Year 1974 Expenditures - Expenditure Control Act - States that the net lending during the fiscal year ending June 30, 1974, under the budget of the United States Government shall not exceed $255,300,000,000. Provides that if the estimates of revenues which will be received in the Treasury during the fiscal year ending June 30, 1974, exceed $255,300,000,000, such limitation shall be increased by an amount equal to such excess.

Directs the President to propose reservations from expenditures and net lending of such amounts as may be necessary to keep expenditures and net lending during the fiscal year ending June 30, 1974, within the limitation specified in this Act. Provides that the President shall propose reservations of expenditures under this Act by one or more special messages to the Congress and that any proposed reservation shall become effective on the date on which a concurrent resolution approving such reservation is agreed to by the Senate and the House of Representatives. Prescribes procedures for the consideration of such concurrent resolution.

Title II - Requirement of Congressional Approval of Impoundments -

Provides that whenever the President impounds any funds appropriated or otherwise obligated for a specific purpose or project, or approves the impounding of such funds by any officer or employee of the United States, he shall, within ten days thereafter, transmit to the Senate and the House of Representatives a special message announcing the impoundment of such funds. Requires the President to cease the impounding of funds set forth in each special message within sixty days of continuous session after the message is received by the Congress unless the specific impoundment shall have been ratified by the Congress by passage of a resolution.