Budget and Oversight Improvement Amendments of 1981

Budget and Oversight Improvement Amendments of 1981 - Declares that the purpose of this Act is to establish a more thorough and timely process for the adoption of the Federal budget.

Amends the Congressional Budget Act of 1974 to revise the timetable with respect to the congressional budget process to provide for a two-year budget cycle, beginning with the Ninety-eighth Congress. Defines the term '2-fiscal-year budget period' to be the period of 2 fiscal years beginning on October 1 of any even-numbered year.

Requires all bills and resolutions providing budget or spending authority, with certain exceptions involving supplemental appropriations, for any 2-fiscal-year budget period to be reported to the House of Representatives and the Senate no later than April 1 of the year in which such period begins.

Requires the Congress to complete action on all bills and resolutions directly or indirectly authorizing the enactment of new budget authority for a 2-fiscal-year budget period not later than October 1 of the year preceding the year in which such period begins.

Declares that it is essential to provide for the congressional determination biennially of the appropriate level of gross obligations for the principal amount of direct loans and the appropriate level of commitments to guarantee loan principal.

Includes within the definition of 'budget authority' the authority to make direct loans.

Requires the Congressional Budget Office to provide to the Budget committees information with respect to direct loans and loan guarantees.

Requires the following information to be included within the first concurrent resolution on the budget: (1) the appropriate level of total gross obligations for direct loans and loan guarantees; and (2) an estimate of gross obligations for the principal amount of direct loans and an estimate of commitments to guarantee loan principal for each major functional category.

Makes it out of order in the Senate or the House to consider any first concurrent resolution on the budget if such resolution includes any other matter other than that specified by such Act.

Requires the House Committee on Banking, Finance and Urban Affairs and the Senate Committee on Banking, Housing, and Urban Affairs to submit to the Budget Committees its recommendations as to the appropriate level of total gross obligations for direct loans and loan guarantees.

Requires the Committee on Appropriations of each House to subdivide among its subcommittees the allocation of gross obligations for the principal amount of direct loans and the allocation of commitments to guarantee loan principal allocated to it in the joint explanatory statement accompanying the conference report on the first concurrent resolution on the budget.

Makes it out of order in either House to consider any concurrent resolution on the budget revising a concurrent resolution on the budget for any fiscal year which is adopted before the adoption of the second concurrent resolution on the budget for such fiscal year if the revising resolution includes any matter other than matters specified by such Act.

Requires either House, when reporting a bill or resolution providing new budget authority or new or increased tax expenditures, to report on how the level of gross obligations for the principal amount of direct loans and the level of commitments to guarantee loan principal provided in that bill or resolution compare with such information set forth in the most recently agreed to concurrent resolution on the budget.

Requires the up to date tabulation of Congressional budget actions by the Congressional Budget Office to compare the gross obligations for direct loans and loan guarantees for such fiscal years on which Congress has completed action to the gross obligations set forth in the most recently agreed to concurrent resolution on the budget.

Limits the enrollment of bills and resolutions providing new budget or new spending authority for any 2-fiscal-year budget period until the concurrent resolution for such 2-fiscal-year period has been agreed to.

Makes it out of order in either House to consider any bill or resolution which provides, extends, or enlarges authority to incur obligations for direct loans or loan guarantees unless that bill, resolution, or amendment also provides that such authority is to be effective for any fiscal year only to such extent as provided in appropriation Acts.

Sets forth the information to be included in the budget of the United States Government submitted pursuant to the Budget and Accounting Act, 1921, for the 2-fiscal-year budget period beginning on October 1, 1984.

Amends the Budget and Accounting Act, 1921, to require the President to transmit to the Congress, by January 10, of the first session of each Congress beginning with the 98th Congress, the budget for the 2-fiscal-year budget period beginning on October 1 of the succeeding calendar year. Requires that all essential facts regarding direct loans and loan guarantees be included within such report. Requires the President to transmit revisions in the budget by January 10 of the second session of such Congress.

Requires the President to include in such budget: (1) proposed budget authority; (2) direct loans and commitments to guarantee loan principal; and (3) estimates of outlays and receipts for all activities of all departments and instrumentalities of the Federal Government, except Government sponsored corporations to the extent financed by wholly private funds.

Amends the Legislative Reorganization Act of 1946 to require the standing committees of the Senate and the House (except specified committees), during the period beginning on the 15th day after the Congress meets in each odd-numbered year and ending October 1 of the following even-numbered year, to review and study: (1) the application, administration, execution, and effectiveness of those laws the subject matter of which is within the jurisdiction of such committee; and (2) the organization and operation of the Federal agencies and entities having responsibilities in or for the administration and execution thereof. Requires the findings to be reported to the House or the Senate no later than October 1 of such even-numbered year, and shall constitute the basis for such committee's legislative work during the succeeding Congress.

Sets forth the effective dates for the provisions of this Act.