A concurrent resolution revising the congressional budget for the United States Government for the fiscal year 1979.

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

States that: (1) the recommended level of Federal revenues is $518,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,000,000,000; (2) the appropriate level of total new budget authority is $600,000,000,000; (3) the appropriate level of total budget outlays is $518,000,000,000; (4) a balanced budget would be appropriate in fiscal year 1980 in light of economic conditions and other relevant data; and (5) the appropriate level of the public debt is $856,900,000,000, and the amount by which the statutory limit on such debt should accordingly be increased is $22,700,000,000.

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.