A current resolution revising the congressional budget for the United States Government for the fiscal year 1980.

(Measure failed of passage in House, roll call #488 (192-213))

Sets forth the congressional budget for the United States Government for fiscal year 1980.

Sets the recommended level of Federal revenues for such year at $519,250,000,000. Recommends an increase of $5,050,000,000 in the aggregate level of Federal revenues.

States that the appropriate level of total new budget authority for fiscal year 1980 is $631,807,000,000. Sets the appropriate level of total budget outlays at $548,575,000,000.

States that a budget deficit of $29,325,000,000 for fiscal year 1980 would be appropriate in light of economic conditions.

Sets the appropriate level of the public debt at $886,225,000,000 in fiscal year 1980 with an increase in the statutory debt limit of $56,225,000,000.

Reaffirms the commitment of Congress to find a way to relate accurately the outlays of off-budget Federal entities to the budget. Estimates such outlays to be $16,000,000,000 in fiscal year 1980.

Sets forth the appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal year 1980.

Directs each standing committee of the House of Representatives which has jurisdiction over entitlement programs to include with its required March 15, 1980, report to the Budget Committee specific recommendations for funding mechanisms which would enable the Congress to exercise more fiscal control over such entitlements.

Directs the Budget Committee to submit to the House such recommendations as it deems appropriate based on such reports.