A resolution prescribing procedures for the Senate to establish a limit on the amount of new obligational authority which it will approve for each fiscal year.

Provides that, after the President has submitted his annual budget to Congress, the Committee on Appropriations and the Committee on Finance, acting jointly, shall report a resolution to the Senate setting a limit for new obligational authority.

Defines new obligational authority to mean the amount set out in the above resolution or, in the absence of a resolution being passed, the amount contained in the President's budget.

Makes a bill or resolution providing new obligational authority out of order if the amount of new obligational authority contained in said bill or resolution when added to the amounts of new obligational authority previously passed by the Senate exceeds the limit established in the above resolution.

Makes an amendment to a bill or resolution out of order if it creates new obligational authority above the amount set by the resolution.

Provides that new obligational authority previously passed by the Senate means: (a) the amount as contained in a bill or resolution enacted into law; (b) the amount as contained in a bill or resolution passed by Congress and awaiting the President's approval; (c) the amount as contained in a bill or resolution passed by the Senate and awaiting House action; and (d) it does not contain the said amount as contained in a vetoed bill or resolution.

Provides that every bill or resolution providing for new obligational authority shall contain an analysis of the same by the Senate Appropriations Committee. Requires such analysis to show the relationship of the new obligational authority to the ceiling for all new obligational authority, and to the amount of new obligational authority contained in the President's budget.