An original resolution setting forth the congressional budget for the United States Government for the fiscal year l978.

(Conference report filed in Senate, S. Rept. 95-134)

Sets forth the congressional budget for the United States Government for fiscal year 1978. States that the recommended level of Federal revenues is $396,300,000,000 and the amount by which the aggregate level of Federal revenues should be decreased is $17,600,000,000. States that the appropriate level of total new budget authority is $503,450,000,000. Establishes the appropriate level of the public debt at $784,900,000,000.

Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.

States that the Congress recognizes that unusual uncertainties surround the current economic outlook for 1977 and 1978 and that additional time and information are needed to make final determinations with respect to fiscal policy for fiscal year 1978. Declares that if economic recovery does not proceed satisfactorily during the months immediately following adoption of the First Budget Resolution for Fiscal Year 1978, it will be necessary to provide additional stimulus to the economy in appropriate amounts to be determined in the Second Budget Resolution for Fiscal Year 1978; or if the recovery continues to show signs of long-term renewed growth, it may be desirable to reduce some of the economic stimulus provided for fiscal year 1978 in order to make more rapid progress toward a balanced budget.

Revises, pursuant to the Congressional Budget Act of 1974, the appropriate allocations for fiscal year 1977 made by Senate Concurrent Resolution 10 as follows: (1) the recommended level of Federal revenues is $356,600,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $2,600,000,000; (2) the appropriate level of total new budget authority is $470,200,000,000; (3) the appropriate level of total budget outlays is $409,200,000,000; (4) the amount of the deficit in the budget which is appropriate in the light of economic conditions and all other relevant factors is $52,600,000,000; (5) the appropriate level of the public debt is $701,300,000,000.