Congressional Budget Act Amendments of 1981

Congressional Budget Act Amendments of 1981 - Amends the Congressional Budget Act of 1974 to prohibit the Congress from considering any legislation which contains new spending authority effective for any fiscal year beyond amounts provided in appropriation Acts. Defines "new spending authority" to include any authority not provided by law on the effective date of this Act, or any increase in existing authority, whether temporary or permanent, to: (1) enter contracts; (2) incur indebtedness except under the Second Liberty Bond Act; (3) make any payments including loans and grants; (4) insure or guarantee any indebtedness; and (5) obligate the United States to make outlays by any other means.

Prohibits the Congress from considering any legislation which provides new budget authority for an indefinite period of time or an unspecified number of fiscal years without requiring recurring action by the Congress.

States that it shall not be in order in either House of Congress to consider any legislation which authorizes outlays beyond a single fiscal year.

Establishes the seventh day after Labor Day as the deadline for completion of all action on legislation providing new budget authority for the upcoming fiscal year.

Declares that effective with fiscal year 1983: (1) all spending authority provided by law other than the Social Security Act shall be effective only to the extent authorized by appropriation acts; (2) all permanent budget authority shall cease in effect except for payments to trust funds established by the Social Security Act, interest payments on the public debt, and internal revenue refunds; and (3) all new budget authority shall be available for outlays only for a single fiscal year.

Conforms the Rules of the House of Representatives and the Senate to the provisions of this Act.

Declares that the provisions of this Act governing the consideration of legislation are an exercise of the rulemaking power of the House and Senate.