A bill to amend the Congressional Budget Act of 1974 to make basic modifications in the congressional budget process to improve its effectiveness so that it will better reflect the economic realities facing the Nation.

Amends the Congressional Budget Act of 1974 to repeal the requirement for a Second Concurrent Resolution on the Budget.

Requires the First (and only) Concurrent Resolution on the Budget to set forth appropriate ranges of levels of total outlays, budget authority, and the public debt, as well as reconciliation instructions. Permits revision of such ranges by a new concurrent resolution in light of unexpected changes in economic conditions. Directs the congressional budget committees to report periodically to their respective Houses on such economic conditions.