A concurrent resolution setting forth the congressional budget for the United States Government for the fiscal years 1981, 1982, and 1983 and revising the congressional budget for the United States Government for the fiscal year 1980.

(Motion to recede from its disagreement & concur in Sen. amend. with an amend. passed Hse., r.c. #321(205-195))

Sets forth the first concurrent resolution on the budget for fiscal year 1981.

Recommends a level of Federal revenues in fiscal year 1981 of $613,800,000,000 with an increase in aggregate revenues of $4,200,000,000.

States that the appropriate level of total budget authority for fiscal year 1981 is $697,200,000,000 and that the appropriate level of total budget outlays is $613,600,000,000.

Sets forth a budget surplus of $200,000,000. Recommends a level of public debt at $935,100,000,000 with an increase of $31,500,000,000 in the statutory limit on the public debt.

States that the appropriate level of total gross obligations for the principal amount of direct loans is $63,900,000,000. Sets the appropriate level of total commitments to guarantee loan principal at $79,600,000,000.

Sets forth recommended levels of new budget authority and outlays under each major functional category of the budget for fiscal year 1981.

Directs the following congressional committees to effectuate specified reductions in budget authority and outlays for fiscal year 1981 contained in legislation within their jurisdiction and to report recommendations for accomplishing such reductions by July 2, 1980 for House committees and June 25, 1980 for Senate committees: (1) the Senate Committee on Agriculture, Nutrition, and Forestry: (2) the House and Senate Committees on Armed Services; (3) the House Committee on Education and Labor; (4) the House Committee on Interstate and Foreign Commerce; (5) the House Committee on Post Office and Civil Service and the Senate Committee on Governmental Affairs; (6) the House Committee on Public Works and Transportation and the Senate Committee on Environment and Public Works; (7) the House and Senate Committees on Veterans' Affairs; (8) the House Committee on Ways and Means; (9) the Senate Committee on Commerce, Science, and Transportation; (10) the Senate Committee on Finance; (11) the Senate Committee on Labor and Human Resources; and (12) the House and Senate Committees on Small Business. Requires the House and Senate Committees on the Budget to report reconciliation bills which carry out such recommendations without any substantive revision. Directs the House Committee on Ways and Means and the Senate Committee on Finance to increase revenues for fiscal year 1981 by $4,200,000,000 and to report recommendations for accomplishing such an increase by July 2, 1980.

Sets forth the House and the Senate budgets for fiscal years 1982 and 1983.

Recommends aggregate levels of Federal revenues of $714,800,000,000 (House) and $701,400,000,000 (Senate) in fiscal year 1982 and $824,100,000,000 (House) and $783,000,000,000 (Senate) in fiscal 1983 with an increase in Federal revenues of $200,000,000 in fiscal year 1982 (House) and decreases of $5,200,000,000 in fiscal year 1982 and $27,500,000,000 in fiscal year 1983 (Senate). Establishes the appropriate level of new budget authority for fiscal year 1982 at $769,100,000,000 (House) and $775,000,000,000 (Senate) and for fiscal year 1983 at $868,850,000,000 (House) and $851,600,000,000 (Senate). Sets the appropriate level of total budget outlays for fiscal year 1982 at $688,000,000,000 (House) and $695,600,000,000 (Senate) and for fiscal year 1983 at $784,600,000,000 (House) and $765,500,000,000 (Senate).

Recommends budget surpluses of $26,800,000,000 (House) and $5,800,000,000 (Senate) in fiscal year 1982 and $39,500,000,000 (House) and $17,500,000,000 (Senate) in fiscal year 1983.

Sets the appropriate level of the public debt at $948,000,000,000 (House) and $965,600,000,000 (Senate) in fiscal year 1982 and $948,200,000,000 (House) and $991,100,000,000 (Senate) in fiscal year 1983. States that the temporary statutory limit on such debt shall be increased by $31,200,000,000 in fiscal year 1982 and $25,500,000,000 in fiscal year 1983 (Senate).

Sets forth the corresponding levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1982 and 1983.

Revises the congressional budget for fiscal year 1980 (S. Con. Res. 53) by: (1) increasing the recommended level of Federal revenues to $525,700,000,000; (2) increasing the appropriate level of total new budget authority to $658,850,000,000; (3) increasing the appropriate level of total budget outlays to $572,650,000,000: (4) increasing the budget deficit to $46,550,000,000; (5) increasing the level of the public debt to $903,600,000,000; (6) raising the statutory limit on the public debt by $24,600,000,000; and (7) revising the corresponding levels of new budget authority and outlays for each major functional category of the budget. Specifies the appropriate level of public debt and the increase in the statutory limit on such debt from the date of enactment through February 28, 1981, for purposes of House rule XLIX.

Directs the House and Senate Appropriations Committees to report legislation reducing spending for fiscal year 1980 by specified amounts by June 16, 1980 (House) or ten days after enactment (Senate).

Prohibits the enrollment of any legislation which would reduce revenues by more than $100,000,000 or provide new budget or spending authority (unless a conference report has been filed in either House before adoption of this resolution) in fiscal year 1981 before the completion of the congressional budget process and completion of action on any required reconciliation legislation. Changes from September 15, to August 28, 1980, the date by which the Congressional budget process must be completed. Subjects any subsequent bill or resolution reducing Federal revenues in such fiscal year to such time restrictions. Provides that any resolution disapproving any Presidential action adjusting oil imports which has the effect of reducing revenues shall be enrolled, subject to certain time restrictions.

Establishes the Congressional Federal Credit Budget. States that the appropriate level of Federal new direct loan obligations in fiscal year 1981 is $63,900,000,000 with on-budget lending at a level not exceeding $38,100,000,000 and off-budget lending not exceeding $25,800,000,000. Sets the appropriate level of new primary loan guarantee commitments in fiscal year 1981 at $79,600,000,000. Expresses the sense of the Congress that such ceilings on credit activity should be maintained by the President and the Congress through the appropriations process.

Expresses the sense of the Senate that the possible inflationary effects of Federal regulations and legislation shall be monitored. Expresses the sense of the Senate that the President implement a "zero net inflation impact" policy for the Federal regulations promulgated in the remainder of fiscal year 1980 and fiscal year 1981. States that the aggregate net increase in costs or price effects of new regulations would have to be offset by modifications to existing regulations which reduce such costs on price effects. Declares that the President should institute an exemption procedure to assure the promulgation of regulations necessary to avert any imminent threat to health and safety.

Expresses the sense of the Senate that the Director of the Congressional Budget Office should issue a periodic "inflation scorekeeping" report which shall contain an estimate of the inflationary effects of legislation enacted to date in the current session of Congress. Sets forth the information to be included in such report.

Urges the President to review the current inflation measure for indexing Federal programs and to submit recommendations to the Congress and include such recommendations in the budget and legislative proposals for fiscal year 1982.

Expresses the sense of the Congress that the President should direct agencies not to increase the rate of obligation of budget authority provided for fiscal year 1980 in advance of anticipated rescission actions.