A bill to amend the Congressional Budget Act of 1974 to assure that the congressional budget process reflects a responsible approach to national fiscal and monetary policy, and realistically takes into account the state of the economy, by establishing a new procedure under which the Congress will separately decide upon the size of the Federal surplus or deficit for any fiscal year before it considers or decides upon the specific budget outlays to be authorized in the concurrent resolution on the budget for that year.

Amends the Congressional Budget Act of 1974 to direct the Board of Governors of the Federal Reserve System to submit a report to the Congress eight months prior to the beginning of each fiscal year setting forth recommendations on Federal revenues, outlays, monetary and fiscal policy, and the need for a surplus or deficit in the upcoming fiscal year. Directs the Committees on the Budget of each House of Congress to report a concurrent resolution on fiscal policy for the upcoming fiscal year by February 15 of each year. Requires such resolution to include the appropriate amount of the budget surplus or deficit in light of economic and other factors with recommendations for the level of Federal revenues and outlays. Requires the accompanying report to set forth comparisons of the amounts in the resolution with those recommended by the President's budget and the Board of Governors' report along with other relevant economic data. Directs the Congress to complete action on such resolution by March 15 of each year. Sets forth procedures for revisions of the figures contained in such resolution.

Requires the figures in each concurrent resolution on the budget for any fiscal year relating to the amount of the budget surplus or deficit, and the levels of Federal revenues and outlays to be identical to the corresponding figures in the most recently adopted concurrent resolution on fiscal policy. Suspends such requirement during any period which is publicly proclaimed a national emergency by the President.

Amends the Budget and Accounting Act, 1921, to require the President's budget to specify the surplus or deficit which would result from the recommended levels of receipts and expenditures indicating the fiscal and monetary policy for such amounts and their probable impact upon the economy.