Congressional Budget Control and Oversight Improvement Act

Congressional Budget Control and Oversight Improvement Act - Title I: Change of Fiscal Year - Provides that the fiscal year of the Treasury of the United States shall: (1) through June 30, 1974, commence on July 1 of each year and end on June 30 of the following year; (2) for the period commencing July 1, 1974 and ending on December 31, 1974, be for such period; and (3) beginning on January 1, 1975, commence on January 1 of each year and on December 31 of that same year. Provides for a special appropriation for the fiscal year commencing July 1, 1974, and ending December 31, 1974.

Provides that for each fiscal year beginning on or after Janurary 1, 1975, the President shall transmit the Budget to Congress on or before April 15 of the year preceding the commencement of that fiscal year. Establishes dates for the transmittal of the estimated expenditures for the legislative branch and the Supreme Court to the President and dates for the President to submit a supplementary summary of the budget. Revises the accounting procedure as regards sums appropriated to agencies. Requires the President's Economic report to be submitted to Congress not later than January 20 of each year before 1975 and not later than April 15 of each year after 1974.

Title II: Appropriations Ceiling - Provides that not later than May 30 of each year the Congress shall enact an appropriations ceiling. Provides that the appropriations ceiling shall be used in conjunction with the President's budget request to determine a percentage which shall be used as a guideline for the respective appropriations committees in preparing and reporting measures making new obligational authority for the fiscal year.

Title III: Congressional Oversight and Imformation - Requires each standing committee of the Senate and the House to establish a Subcommittee on Legislative Review to assist the subcommittees of such committee in reviewing the application, and execution of those laws which are within the subject matter jurisdiction of the subcommittee. Directs the Library of Congress to tabulate the average cost for each tax-paying family for each bill or resolution passed by either House during each period. Provides that the estimate of costs to each tax-paying family be computed when any public bill is reported.

Creates a digest under the Director of the Office of Management and Budget which shall outline in summary form all Federal programs.

Title IV: General - States that specified provisions of this Act are enacted by the Congress as an exercise of the rule - making powers of the Senate and the House of Representatives.