Concurrent resolution setting the congressional budget for the U.S. Government for the fiscal year 1977, and revising the congressional budget for the transition beginning July 1, 1976.

Sets forth the congressional budget for the United States Government for the fiscal year 1977. Provides that the recommended level of Federal revenues is $363,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,800,000,000. States that the appropriate level of total new budget authority is $394,200,000,000. Establishes the appropriate level of the public debt at $661,275,000,000.

Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category, including: (1) $112,000,000,000 for National Defense with outlays of $100,600,000,000; (2) $3,400,000,000 for International Affairs with outlays of $3,00,000,000; (3) $2,300,000,000 for Agriculture with outlays of $2,000,000,000; (4) $3,300,000,000 for Law Enforcement and Justice with outlays of $3,400,000,000 and; (5) $5,000,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $5,000,000,000.

Revises the congressional budget for the transition period beginning July 1, 1976 as follows: (1) recommends $86,000,000,000 as the level of Federal revenues; (2) sets $96,300,000,000 as the appropriate level of total new budget authority; (3) sets the appropriate level of total budget outlays at $101,200,000,000; (4) sets the appropriate level of the deficit in the budget at $15,200,000,000 and; (5) establishes the appropriate level of the public debt at $646,200,000,000. Sets the amount by which the temporary statutory limit on such debt should be increased at $19,200,000,000.