Omnibus Budget Reconciliation Act of 1983

Title I: Short Title and Declaration of Purpose - Omnibus Budget Reconciliation Act of 1983 - Provides for reconciliation pursuant to the First Concurrent Resolution on the Budget for FY 1984.

Title II: Committee on Post Office and Civil Service - Changes the effective date of civil service retirement cost-of-living adjustments to December 1. Bases such cost-of-living adjustments on the percent change in the price index for the base quarter of such year over the price index for the base quarter of the preceding year. Defines the term 'base quarter' as the calendar quarter ending on September 30.

Declares that such change shall take effect on the date of enactment of this Act, except that no adjustment shall be made during the period beginning on the date of the enactment of this Act and ending November 30, 1984.

Amends the Omnibus Budget Reconciliation Act of 1982 to change the effective date of the cost-of-living adjustments to December 1 of each year.

Sets the overall percentage adjustment in the rates of pay under the General Schedule and other statutory pay systems at four percent.

Requires that each such increase in a pay rate or schedule be of the same percentage and take effect as of the first day of the first applicable pay period beginning on or after October 1 of such fiscal year.

Establishes a four percent limitation on pay adjustments for prevailing rate employees during FY 1984.

States that such limitation does not apply to wage adjustments for prevailing rate supervisors under the supervisory pay plan.

Title III: Committee on Small Business - Amends the Small Business Act to revise the interest rate on Small Business Administration loans to repair or replace property damaged or destroyed by a natural disaster which occurs on or after October 1, 1982.

Authorizes the Small Business Administration to make a specified amount of direct loans in FY 1984 through 1986 under the non-physical disaster loan program and in physical disaster loans.

Extends until October 1, 1986 the requirement that agricultural producers seek disaster loan assistance from the Farmers Home Administration before they are eligible to apply for a Small Business Administration disaster loan.

Provides for a disaster loan program to provide assistance to victims of drastic devaluation and exchange freezes involving the currency of a country contiguous to the United States. Specifies that such assistance shall be used to assist the victims of any qualified currency devaluation and exchange freeze commencing since January 1, 1982.

Makes any small business that is injured as the result of the impact of any payment-in-kind program eligible for economic injury disaster loans.

Declares that employees of concerns sharing a common business premises shall be aggregated in determining 'major source of employment' status for nonprofit applicants owning such premises.

Makes agricultural cooperatives eligible for economic injury disaster loan assistance. Makes such a cooperative eligible only if each member of its board of directors or governing body qualifies as a small business and the entity itself qualifies as a small business.

Makes October 1, 1983, the effective date of this title.

Title IV: Committee on Veterans' Affairs - Part A: Veterans' Disability Compensation - Veterans' Disability Compensation Amendments of 1983 - Increases the rates of veterans' disability compensation, additional compensation for such veterans' dependents, and the clothing allowance for certain disabled veterans.

Makes an exception to the commencement of period of payment rule for an increased award of compensation by reason of a temporary increase in compensation for hospitalization or treatment of a veteran (thus making such temporary increase payable before the first day of the calendar month following the month in which the increase become effective).

Amends the Veterans' Compensation, Education, and Employment Amendments of 1982 to revise the effective dates respecting Reserve Officer Training Corps (ROTC) coverage for deaths and disabilities incurred before and after FY 1982.

Includes certain adopted children within the definition of child for veterans' benefits purposes.

Decreases to ten percent disabling the degree of deafness a veteran suffering from service-connected total blindness must be rated to qualify for additional disability compensation. Reduces from 40 percent to 30 percent disabling the degree of deafnes a veteran suffering from service-connected blindness with 5/200 visual acuity or less must be rated to qualify for such additional compensation.

Part B: Educational Assistance Amendments - Terminates the authority of the Administrator of Veterans Affairs to make advance payments of educational and subsistence allowances.

Title V: Additional Proposal for Deficit Reduction - Directs the President to convene a domestic economic summit conference to address the dangerous economic situation created by projected large deficits. Requires such summit conference, within 45 days after the date of enactment of this Act, to develop and report to Congress a comprehensive plan to reduce the projected deficits.