A bill to reduce Federal travel and consultant costs, and to improve Federal debt collection procedures.

Requires the Director of the Office of Management and Budget to allocate reductions in the amounts proposed to be available to Executive agencies and instrumentalities for travel and transportation expenses and expenses for retaining experts and consultants under the Budget of the United States for fiscal year 1981.

Directs each Executive agency and instrumentality to establish procedures to identify overpayments and delinquencies and to take more aggressive actions for collecting accounts. Requires the Secretary of the Treasury to require interest charges on delinquent accounts. Directs the Commissioner of the Internal Revenue Service to conduct a pilot project for collecting delinquent debts owed to the United States by retaining the amount of a debt out of any tax refunds payable to the debtor.

Requires the Director to assure that the total savings resulting from such collection activities and the allocated reductions in agency expenses amount to $2,000,000,000 in fiscal year 1981. Prohibits any reduction of: (1) such agency expenses in excess of 15 percent; or (2) funds available for debt collection or supervision of loans.

Requires the Director to report to Congress.