Federal Credit Control Act of 1983

Federal Credit Control Act of 1983 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to submit to the Committees on the Budget of both Houses a fiscal policy report which includes alternative levels of new direct loan authority and new loan guarantee authority.

Requires the first concurrent resolution on the budget for each fiscal year to: (1) establish the appropriate level of total new direct loan authority and total new loan guarantee authority; and (2) estimate new direct loan authority and new loan guarantee authority for each major functional category.

Directs congressional committees to which allocation of new direct loan authority or new loan guarantee authority were made to subdivide such allocations among their subcommittees.

Prohibits either House of Congress from considering any bill or resolution specifying fiscal year levels of new direct loan authority or new loan guarantee authority until the first concurrent resolution on the budget for such fiscal year has been agreed upon. Exempts from such proscription bills or resolutions specifying levels of new direct loan authority or levels of new loan guarantee authority for a fiscal year following the fiscal year to which the concurrent resolution applies.

Requires committee reports which accompany legislation specifying levels of new direct loan authority or new loan guarantee authority, to detail how such levels compare with the appropriate level of new loan guarantee or new loan guarantee authority set forth in the most recently agreed to concurrent resolution on the budget for such fiscal year.

Requires the Director of the Congressional Budget Office to issue periodic up-to-date tabulations comparing the total new direct loan authority and the total new loan guarantee authority in enacted legislation to the appropriate level of such authority as set forth in the most recently agreed upon concurrent resolution on the budget for the fiscal year. Requires the Director to report projected total new direct loan authority and total new loan guarantee authority for each fiscal year in a period of five fiscal years.

Requires the Director of the Congressional Budget Office to submit to specified congressional committees an estimate of the total new direct loan authority and the total new loan guarantee authority needed to implement bills or resolutions reported by such committees for the fiscal year in which such legislation would become effective, and for each of the four following fiscal years.

Requires the President's message to Congress on the budget to include all essential facts regarding direct Federal loan obligations and loan guarantee commitments, an estimate of total budget outlays resulting from loan guarantees, and an allocation of such total budget outlays among all budget accounts for the fiscal year for which the budget is submitted and the four fiscal years thereafter.

Amends the Impoundment Control Act of 1974 to require the President to include rescissions of direct loan authority or loan guarantee authority in any rescission or deferral message to Congress.

Requires loan guarantee authority or direct loan authority to be fully obligated or committed unless the Congress has completed action on a recission bill rescinding a proposed amount within a prescribed 45-day period. Applies specified procedures to the disapproval of proposed deferrals of direct loan authority or loan guarantee authority.

Requires the Comptroller General to report to both Houses of Congress if the President and other specified parties have failed to transmit a special message to the Congress regarding reservations or deferrals of loan guarantee authority or direct loan authority. Empowers the Comptroller General to bring a civil action in the United States District Court if direct loan authority or loan guarantee authority required to be made available for obligation or commitment has not been made available.