A concurrent resolution expressing the sense of the Congress that the President should submit a revised budget for the fiscal year ending September 30, 1983.

Expresses the sense of the Congress that the President should submit a revised budget proposal for FY 1983 to the Congress before submitting any further request for an increase in the Federal debt ceiling.

Requires such budget to: (1) significantly reduce the deficit in FY 1983 and in subsequent years; (2) carefully scrutinize the Department of Defense budget; (3) reduce Federal spending; (4) represent a major effort at meaningful tax reform; and (5) maintain investments in areas critical to our Nation's long-term economic health, including education.