Federal Credit and Tax Expenditure Control Act of 1982

Federal Credit and Tax Expenditure Control Act of 1982 - Amends the Congressional Budget Act of 1974 to require the first concurrent resolution on the budget for each fiscal year to set forth the appropriate levels of total gross obligations for the principal amount of direct loans and of total commitments to guarantee loans, and to allocate such totals among the major functional categories of the budget. Requires such resolution to also include an estimate of the total outlays which will result from defaults on the payment of loan principal guaranteed or insured by the United States, and an allocation of such outlays among each major functional category.

Directs each standing committee of the House and Senate and the Joint Economic Committee and Joint Committee on Internal Revenue Taxation to submit estimates of direct loan obligations and loan guarantee commitments by March 15 of each year.

Directs the Joint Economic Committee to also submit to the Committees on the Budget: (1) its recommendations as to the fiscal policy appropriate to the goals of the Employment Act of 1946; (2) recommendations as to the appropriate levels of total gross obligations for the principal amount of direct loans and of total commitments to guarantee or insure loan principal; and (3) its estimates as to the outlays which will result from defaults on the payment of loan principal guaranteed or insured by the United States.

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 concurrent resolution on the budget to include an estimated 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.

Makes it out of order in either the House or the Senate to consider any bill or resolution which specifies the levels of total gross obligations for the principal amount of direct loans or of total commitments to guarantee or insure loan principal for a fiscal year until the first concurrent resolution on the budget for such year has been agreed to. Provides for specified exceptions to such prohibition.

Requires the House Committee on Appropriations, before reporting any regular appropriations bill, to submit a summary report to the House comparing the credit authority contained in such bill to the levels agreed to in the budget resolution and specifying estimates of the outlays which will result from defaults on loan principal guaranteed or insured by the United States.

Requires any report accompanying legislation conferring new budget authority or increasing tax expenditures to include information on direct loan obligations and loan guarantee commitments.

Requires a five year projection by the Congressional Budget Office each fiscal year of the total gross obligations for the principal amount of direct loans and total commitments to guarantee or insure loan principal.

Establishes a deadline for the completion of action on legislation providing credit authority.

Requires the second concurrent resolution on the budget in any fiscal year and 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, unless such measure is limited to amounts provided in appropriation Acts.

Amends the Budget and Accounting Act, 1921, to direct the President to include in the budget items relating to direct lending by the Government and guarantees or insurance of loan principal.

Requires any agency which issues or sells an obligation directly to the Federal Financing Bank or which guarantees or insures the payment of principal or interest on an obligation which is to be sold to the Bank to prepare a statement specifying, with respect to each obligation, the amount of budget authority which would have been obligated or expended and the amount of outlays which would have resulted if the agency had not issued or sold such obligation directly to the Bank or if, in the case of a guarantee or insurance, the obligation was issued to and held by the agency.

Requires the head of a department or agency carrying out any program to guarantee or insure loan principal to enter into commitments to guarantee or insure in full amounts permitted by law.

Amends the Impoundment Control Act of 1974 to require the making of loan guarantee commitments with respect to any amount of loan guarantee authority proposed to be rescinded or deferred, until Congress has completed action on such proposal.

Grants the Comptroller General the power to bring a civil action to require budget authority to be made available for obligation or to require that commitments be made.

Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit, on or before April 1 of each year, to the Budget Committees of each House, information on how much Federal activity there is already in each functional category because of direct loans, guarantees or insurance of loan principal, and tax expenditures.

Requires the second concurrent resolution on the budget to specify the total amount by which revenues or tax expenditures (or both) are to be changed.

Directs the Secretary of the Treasury, within two years after the date of enactment of this Act, to transmit to the Budget Committee of each House a report on tax expenditures that are aimed at inducing change in taxpayer behavior.