A bill to provide that the public debt limit shall be the limit established pursuant to the Congressional budget procedures, to provide that operations of the Federal Financing Bank will be included in the budget, and for other purposes.

Amends the Second Liberty Bond Act to limit the public debt to the amount specified in the concurrent resolution on the congressional budget most recently adopted.

Amends the Federal Financing Bank Act of 1973 to require that receipts and disbursements of the Federal Financing Bank be included in the Federal budget.

Directs such Bank to make commitments to purchase and to purchase specified obligations which are guaranteed by Federal agencies.

Subjects any guarantee by a Federal agency of an obligation, except where the obligation is of a type which is not ordinarily bought and sold in the same markets as investment securities or which is issued or sold by the Bank, to the condition that if such obligation is held by any person or governmental entity, other than such agency or the Bank, such guarantee shall cease to be effective.