Balanced Budget and Deficit Control Act of 1981

Balanced Budget and Deficit Control Act of 1981 - Amends the Congressional Budget and Impoundment Control Act of 1974 to make a Congressional declaration that it is essential to provide for a balanced Federal budget.

Amends the Congressional Budget Act of 1974 to require that the first concurrent resolution on the budget, on which Congress must complete action on or before May 15 of each year, provide a balanced budget for such year and for the succeeding fiscal year.

Specifies that if changes in laws, bills, or resolutions are necessary in connection with any such concurrent resolution on the budget in order to assure that there is no deficit in the budget for either of the fiscal years to which such concurrent resolution relates, such concurrent resolution shall appropriately direct the legislative committees involved to determine and recommend such changes.

Makes it out of order in either the House of Representatives or the Senate to consider or adopt any concurrent resolution on the budget, to consider or adopt any amendment to such a concurrent resolution, or to adopt a conference report on such concurrent resolution, if at the time of such consideration or adoption the level of total budget outlays which is set forth in such concurrent resolution for either of the two fiscal years to which it relates exceeds the recommended level of Federal revenues for that year. Permits the suspension of such provisions: (1) upon a Presidential request, approved by Congress; (2) upon a recommendation by the Budget Committee of either the House or the Senate and approval of the Congress; and (3) with respect to any fiscal year in which the United States is at war pursuant to a declaration of war by the Congress.

Permits revisions of the first concurrent resolution on the budget at any time after it has been agreed to pursuant to such Act before the end of the first fiscal year to which such resolution relates. Requires such revision to meet the same balanced budget requirements as the original concurrent resolution and provide for the same suspension of such requirements.

Requires the second concurrent resolution on the budget to be for the fiscal year beginning on October 1 of such year and the succeeding fiscal year.

Makes it out of order in either the House or the Senate to receive or consider any amendment to a reconciliation bill or reconciliation resolution if such amendment would have the effect of increasing any specific budget outlays above the level of such outlays contained in the bill or resolution as reported, or would reduce any specific Federal revenues below the level of such revenues as reported, unless it includes or is accompanied by an amendment which assures that total budget outlays are not increased and that total Federal revenues are not reduced by making an equivalent reduction in other specific budget outlays or an equivalent increase in other specific Federal revenues.

Makes it out of order in either the House or the Senate, at any time after the Congress has completed action on the first concurrent resolution on the budget, and if a reconciliation bill or resolution is required to be reported in connection with such resolution after that bill has been enacted into law or such resolution has been agreed to, to consider any bill or resolution or amendment which provides for budget outlays, new budget authority in excess of the appropriated allocation, or new spending authority.

Amends the Congressional Budget and Impoundment Control Act of 1974 to state that any references to "a fiscal year" or "the fiscal year" with respect to a concurrent resolution on the budget shall be treated as references made separately to each of the two fiscal years to which such concurrent resolution relates.

Amends the Congressional Budget Act of 1974 to require each committee required by such Act to report on a concurrent resolution on the budget to make such report within ten legislative days after the concurrent resolution is agreed to.

Amends the Budget and Accounting Act, 1921, to require the President, from time to time during the fiscal year, to ensure that the budget complies with the requirements of the Congressional Budget and Impoundment Control Act of 1974.

Requires such budget to be balanced, but permits the President to recommend alternative balanced budgets with outlays and revenues at higher or lower levels to take account of possible changes in economic conditions or other circumstances.

Requires such budget transmitted by the President to be accompanied by a projected budget for the succeeding fiscal year. Permits a suspension of such requirements upon a Presidential request or if the United States is at war pursuant to a declaration of war by Congress.

Requires the Director of the Office of Management and Budget, with respect to any fiscal year beginning on or after October 1, 1983, to analyze the level of Federal revenues and budget outlays during the fiscal quarter beginning October 1 and ending December 31 in that year for the purpose of determining the levels of total revenues and budget outlays which may be anticipated for such fiscal year and whether such revenues will be sufficient to equal or exceed such outlays. Requires the Director to report to the President and Congress not later than January 3 if he determines that such revenues will not be sufficient to equal or exceed such outlays and to identify the amount of any such insufficiency and the percentage of total controllable expenditures which such insufficiency represents. Requires the President, upon receipt of such a report, to issue an order sequestering such amounts of budget authority as are necessary to reduce each such controllable expenditure by that percentage and to transmit to Congress a message identifying: (1) the total amount of budget authority which is to be sequestered; (2) the annuity budget authority which is to be sequestered with respect to each such controllable expenditure in order to reduce it by the required percentage; and (3) the account, department, or establishment from which each amount of budget authority is available for obligation and the specific project or governmental functions involved.

Makes such an order effective from and after the date of its issuance except to the extent revised or abrogated by the Congress pursuant to this Act. Sets forth the procedure to be followed by Congress in reviewing such an order.

Permits the Budget Committee of the House or the Senate, at any time after the promulgation of such an order, to report a concurrent resolution suspending, in whole or in part, the operation of such order.

Defines the term "controllable expenditures" as expenditures which may be reduced without breaching any obligation, contractual or otherwise, of the United States to make payments.

Requires the Congressional Budget Office to submit to the House and Senate Budget Committee recommendations concerning further refinement in the definition and identification of controllable expenditures.