Congressional Budgetary Review Reform Act

Congressional Budgetary Review Reform Act - Provides that the Joint Committee on Internal Revenue Taxation shall make estimates of the expected revenues of the United States and report to the Congress on such estimate.

Authorizes the Joint Committee to hold hearings not later than 10 days after the budget has been submitted to Congress and to make recommendations to the House and Senate Committees on Appropriations on the outlays and revenues expected for such fiscal year.

Requires that the Appropriations Committees of each House of Congress report a bill to their respective Houses within a set time establishing the total amount of outlays to be made during the fiscal year.

Gives to such budgetary bill reported in each House a privileged status, and limits debate to not more than five consecutive calendar days. Outlines procedures involving debate of the measure. Directs the appointment of Conferees to settle differences between the bills presented to each House of Congress. Provides that the total amount of outlays of the budget must be enacted into law within 45 days of a continuous session of Congress.

Provides that only one appropriation measure shall be reported with respect to any one fiscal year which shall specifically enumerate activities and programs and those amounts obligated to each.

Prohibits amendment to the appropriation measure reported unless such amendment specifies the amount of outlays for that fiscal year that may be made with respect to such activity or program and includes a reduction in some other outlay or a direction that the Committee on Appropriations recommend and report a reduction in outlay so that total outlays shall not exceed those of the originally reported measure.

Allows recommendation for revision of the budget after it has been enacted into law by the Congress or President. Outlines that procedure by which certain recommendations shall become immediately effective with respect to such fiscal year.

Restricts supplemental, emergency, deficiency appropriations to the total amount originally specified with respect to such fiscal year.

Specifies the content of committee reports accompanying each budget measure in each house.

Provides that the President shall have the power to reserve any amount of an obligational authority given by such appropriation only if such amount to be reserved is not necessary for the efficient operation of the activity or program, and such program or activity can continue fully without the amount so reserved.