An original concurrent resolution setting forth the recommended Congressional budget for the United States Government for the fiscal years 1982, 1983, and 1984, and revising the Congressional budget for the United States Government for the fiscal year 1981.

Recommends levels of Federal revenues of $650,300,000,000 in fiscal year 1982, $709,100,000,000 in fiscal year 1983, and $770,700,000,000 in fiscal year 1984.

States that the appropriate level of total new budget authority for fiscal year 1982 is $775,100,000,000, $812,600,000,000 for fiscal year 1983, and $865,000,000,000 for fiscal year 1984. Sets the appropriate level of total budget outlays at $699,100,000,000 in fiscal year 1982, $730,500,000,000 in fiscal year 1983, and $770,700,000,000 in fiscal year 1984.

Sets the amount of deficit in the budget which is appropriate in light of economic conditions at $48,800,000,000 in fiscal year 1982, $21,400,000,000 in fiscal year 1983, and $0 in fiscal year 1984.

Sets the appropriate level of public debt at $1,091,200,000,000 in fiscal year 1982, $1,154,300,000,000 in fiscal year 1983, and $1,197,600,000,000 in fiscal year 1984. Sets forth the increase in the temporary statutory limit on such debt at $91,400,000,000 in fiscal year 1982, $63,100,000,000 in fiscal year 1983, and $43,300,000,000 in fiscal year 1984.

Sets forth the corresponding levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1982, 1983, and 1984.

Revises the second concurrent resolution on the budget for fiscal year 1981 to recommend a level of Federal revenues in fiscal year 1981 of $599,900,000,000.

States that the appropriate level of total budget authority for fiscal year 1981 is $716,000,000,000 and that the appropriate level of total budget outlays is $662,700,000,000.

Sets forth a budget deficit of $62,800,000,000. States that the appropriate level of public debt is $999,800,000,000 with an increase of $91,100,000,000.

Sets forth recommended levels of new budget authority and outlays for specified functional categories of the budget for fiscal year 1981.

Requires the Committees on Appropriations of the House and the Senate, no later than June 5, 1981, to report legislation to reduce previously enacted appropriations in budget authority and outlays by specified amounts in fiscal years 1981, 1982, 1983, and 1984.

Requires specified House and Senate committees to recommend program changes in laws within their respective jurisdictions to reduce budget authority and outlays for fiscal years 1981, 1982, 1983, and 1984. Requires such committees, not later than May 31, 1981, to submit their recommendations to the Committees on the Budget of their respective Houses. Requires the Committees on the Budget to report to the House and the Senate a reconciliation bill or resolution or both carrying out all such recommendations without any substantive revision.

Declares that it is the sense of the Senate that Senate committees should report the legislation required by this resolution as agreed in the Senate by May 31, 1981, except to the extent that the amounts referred to may be modified in conference with the House of Representatives.

Directs the Senate Committee on Governmental Affairs to report changes in laws within the jurisdiction of such committee which would reduce the costs to the Government which result from waste, fraud, and abuse.

Establishes a Congressional Federal Credit Budget for fiscal year 1982 with appropriate levels of: (1) new direct loan obligations at $51,452,000,000; (2) new primary loan guarantee commitments at $85,626,000,000; and (3) new secondary loan guarantee commitments at $70,042,000,000. Sets forth the appropriate levels of total Federal credit activity, new direct loan obligations, new gross loan guarantee commitments, and new secondary loan guarantee commitments for each functional category for fiscal year 1982.

Declares that it is the sense of the Congress that the President through administrative actions should limit fiscal year 1982 total Federal Financing Bank origination of direct loans guaranteed by other Federal agencies and Federal Financing Bank purchases of loan assets from Federal agencies to specified amounts.

Makes it out of order in either the House or the Senate during fiscal years 1981 and 1982 to consider any bill, resolution, or amendment authorizing new direct loan obligations or new loan guarantee commitments unless that bill, resolution, or amendment also provides that the authority to make or guarantee such loans shall be effective only to such extent or in such amounts as are contained in appropriation Acts.

Prohibits the enrollment of any bill or resolution providing new budget authority for fiscal year 1982 or new spending authority first effective in fiscal year 1982 until after Congress has completed action on the second concurrent resolution on the budget and on any reconciliation legislation required by such resolution.

Declares that it is the sense of Congress that the President should implement a "zero net inflation impact" policy for the regulations promulgated in the remainder of fiscal year 1981 and for fiscal year 1982.

Declares that it is the sense of Congress that the Director of the Congressional Budget Office should issue a periodic "inflation scorekeeping report" which shall contain an estimate of the positive or negative cost-of-living effects of legislation enacted to date in the current sessions of Congress.