A bill to amend the Legislative Reorganization Act of 1970 to add a new part relating to a congressional budget process.

Establishes a Joint Congressional Committee on the Budget. Provides that the Committee shall report annually by March 30 to each House recommendations for the maximum amount for total outlays and budget authority in such fiscal year, an estimate of receipts, and a recommendation for any necessary increase in the national debt or in taxes. Provides that a joint resolution shall fix the total amount for outlays and budget authority in such year and the allocations for each subcommittee of the House committee on Appropriations, and shall accompany the report. Provides that no committee shall report a bill authorizing budget outlays in amounts which exceed its allocation as provided in the joint resolution.

Provides for a method of revising the ceilings once established, Details the duties and functions of the Joint Committee.