A bill to limit the obligation of funds by Federal agencies during the last two months of a fiscal year.

Prohibits any executive agency from obligating, during the last two calendar months of FY 1983, 1984, or 1985, more than 20 percent of its total controllable budgetary resources, as defined by this Act, for such fiscal year.

Authorizes the Director of the Office of Management and Budget to waive such spending limitation upon determining that it would seriously disrupt an agency program or operation, if the Director reports on such waiver to Congress before the agency violates such limitation.

Requires the head of each agency to submit a report to the President and the Congress not later than 90 days after the close of each such fiscal year describing the department's or agency's compliance with this Act.

Permits the Director to apportion annual appropriations and set aside reserves in a manner consistent with the purposes and requirements of this Act.

Exempts reserves established to comply with a spending limitation under this Act from reporting requirements of the Impoundment Control Act of 1974.