A bill to amend the Congressional Budget Act of 1974 to improve the congressional budget process, and for other purposes.

Title I: Revisions of the Congressional Budget Process - Amends the Congressional Budget Act of 1974 to require the first concurrent resolution on the budget for each fiscal year to set forth the budgets for each of the next two ensuing fiscal years.

Amends the Budget and Accounting Act, 1921, to require that the presidential budget set forth an explanation and summary of the differences between it and the congressional budget contained in the most recently agreed to concurrent resolution on the budget.

Amends the Congressional Budget Act of 1974 to provide for the annual adoption of one concurrent resolution on the budget. Repeals the requirement of a second concurrent resolution on the budget.

Allows the Committees on the Budget of the two Houses of Congress to confer and reach agreement on reestimates to the most recent budget resolution. Requires such Committees to jointly publish a report explaining the nature of the reestimates.

Revises the reconciliation process to include reconciliation directions if needed in the first budget resolution. Requires completion of the reconciliation process within 60 days.

Makes the budget resolution binding.

Reforms the appropriations process. Requires Congress on or before September 30 of each year to complete action on an omnibus appropriation bill. Provides that the appropriation bill shall contain all regular appropriations for the fiscal year and not be subject to deferred enrollment.

Provides for automatic continuing appropriations if by the beginning of the fiscal year no sums have been appropriated for that year for programs, projects, or activities for which sums were appropriated for the preceding year.

Requires the Joint Economic Committee (Committee) to transmit to each House of Congress periodic reports containing its recommendations for amending laws which provide spending authority. Directs the Committee to establish a timetable for reviewing all programs which provide entitlement authority and for reporting to each House of Congress.

Title II: Federal Credit Activities - Directs the Council of Economic Advisers, in its annual report to the Congress, to examine the relationship between Federal credit activity during the previous year and: (1) the condition of the economy; (2) the availability and cost of credit in the private sector; and (3) the exercise of monetary and fiscal policy by the Federal government.

Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System, in their biannual reports to Congress concerning recent developments affecting economic trends in the Nation, to examine the effects of Federal credit activity on the availability and cost of credit in the private sector and on the exercise of monetary policy by the Board and the Federal Open Market Committee.

Amends the Budget and Accounting Act, 1921, to require the President, in the annual budget statement to the Congress, to include all essential facts regarding direct Government loans and loan guarantees.

Amends the Congressional Budget Act of 1974 to require the concurrent resolution on the budget for each fiscal year to set forth the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loans, and to allocate such totals among the major functional categories of the budget.

Directs each standing committee of the House and Senate to submit its estimates of direct loan obligations and loan guarantee commitments provided for in legislation under its jurisdiction by March 15 of each year for the consideration of the Budget Committee in formulating the budget resolution.

Directs the House and Senate Banking Committees to submit recommendations to the Budget Committees for the aggregate levels of direct loans and loan guarantees in each fiscal year.

Requires the joint explanatory statement accompanying a conference report on the budget resolution to include an estimate allocation of the total levels of direct loan obligations and loan guarantee commitments among the committees of the House and Senate.

Directs the Committees on Appropriations to provide such an allocation among their subcommittees as soon as practicable after a budget resolution has been agreed to. Requires the House Committee on Appropriations, before reporting any regular appropriations bills, to submit a summary report to the House comparing the credit authority contained in such bills to the levels agreed to in the budget resolution.

Requires any report accompanying legislation conferring new budget authority or increasing tax expenditures to include information on direct loan obligations and loan guarantee commitments. Establishes a deadline for the completion of action on legislation providing credit authority.

Requires the reconciliation process to take into account Federal obligations and commitments on loans and loan guarantees.

Declares out of order any measure brought up for consideration in either House which would increase the level of loan obligations and guarantee commitments agreed to in the budget process without limiting such increase to amounts provided in appropriation Acts.

Amends rule X of the Rules of the House of Representatives to require each standing committee (other than the Committee on Appropriations and the Committee on the Budget) to review and make appropriate recommendations with respect to the consistency and uniformity of the different definitions, default provisions, policies, interest rates, and other terms and conditions relating to direct loan, loan insurance, and loan guarantee activities included in any laws of which the subject matter is within the jurisdiction of that committee.

Title III: Off-Budget Federal Entities - Amends the Congressional Budget Act of 1974 to make off-budget Federal entities a part of the unified budget.

Title IV: Capital Investment Budget - Amends the Budget and Accounting Act, 1921, to require the President to include with each Budget submitted on or after January 1, 1983, a special analysis for the ensuing fiscal year which shall identify and summarize for each function, category, agency, and program of appropriation and expenditure in the Budget the amount of appropriations and expenditures which may be classified as public infrastructure investments.

Sets forth other information to be included in such analysis.

Requires the President also to include with each Budget, on or after January 1, 1984, a capital investment budget which shall identify by State the amount of appropriations and expenditures classifiable as public infrastructure investments.

Declares that any appropriation or expenditure shall be classified as a public infrastructure investment to the extent that it will be used for the construction, rehabilitation, or repair of any civilian public facility in the United States.

Amends the Public Works and Economic Development Act of 1965 to require the Economic Development Administration to prepare an inventory of civilian public facilities in the United States and an assessment of their physical condition. Requires the Secretary to make a report of such inventory and assessment to Congress not later than January 1, 1984, and to update such report annually.

Title V: Impoundment Control of Loans and Loan Guarantees - Amends the Impoundment Control Act of 1974 to extend impoundment control to direct loans and loan guarantees.

Title VI: Impoundment Control Reform and Clarifications - Makes technical amendments to the Impoundment Control Act.