A concurrent resolution revising and replacing the congressional budget for the United States Government for the fiscal year 1983, and setting forth the congressional budget for the United States Government for the fiscal years 1984, 1985, and 1986.

(Measure passed Senate, amended, roll call #112 (50-49))

Revises the concurrent resolution on the budget for FY 1983 and sets forth the first concurrent resolution on the budget for 1984 and the appropriate budgetary levels for FY 1985 and 1986.

Recommends levels of Federal revenues of $603,325,000,000 for FY 1983, $671,100,000,000 for FY 1984, $743,075,000,000 for FY 1985, and $835,900,000,000 for FY 1986. Sets the amount by which the aggregate levels of Federal revenues should be changed at $125,000,000 for FY 1983, $9,900,000,000 for FY 1984, $13,675,000,000, for FY 1985, and $51,000,000,000 for FY 1986.

Sets the amounts for Federal Insurance Contributions Act revenues for hospital insurance within the recommended levels of Federal revenues at $35,900,000,000 for FY 1983, $39,700,000,000 for FY 1984, $44,200,000,000 for FY 1985, and $50,900,000,000 for FY 1986. States that the amounts for Federal Insurance Contributions Act revenues and other revenues for old age, survivors, and disability insurance within the recommended levels of Federal revenues are $148,500,000,000 for FY 1983, $166,500,000,000 for FY 1984, $187,700,000,000 for FY 1985, and $204,400,000,000 for FY 1986.

Sets the appropriate levels of total new budget authority at $875,925,000,000 for FY 1983, $914,699,000,000 for FY 1984, $986,374,000,000 for FY 1985, and $1,050,209,000,000 for FY 1986.

States that the appropriate levels of total budget outlays are $807,325,000,000 for FY 1983, $849,699,000,000 for FY 1984, $910,774,000,000 for FY 1985, and $965,999,000,000 for FY 1986.

Sets the amount of deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $204,000,000,000 for FY 1983, $178,599,000,000 for FY 1984; $167,699,000,000 for FY 1985; and $130,099,000,000 FY 1986.

States that the appropriate levels of public debt are $1,383,900,000,000 FY 1983, $1,606,399,000,000 for FY 1984, $1,824,798,000,000 for FY 1985, and $2,012,497,000,000 for FY 1986. Sets the amounts by which the temporary statutory limits on such debt should be accordingly increased at $93,700,000,000 for FY 1983, $22,499,000,000 for FY 1984, $218,399,000,000 for FY 1985, and $187,699,000,000 for FY 1986.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $55,400,000,000 for new direct loan obligations and $94,500,000,000 for new loan guarantee commitments for FY 1983; (2) $48,200,000,000 for new direct loan obligations and $94,500,000,000 for new loan guarantee commitments for FY 1984; (3) $48,100,000,000 for new direct loan obligations and $97,400,000,000 for new loan guarantee commitments for FY 1985; and (4) $48,700,000,000 for new direct loan obligations and $101,000,000,000 for new loan guarantee commitments for FY 1986.

Sets forth the levels of new budget authority and budget outlays and the appropriate levels of new direct loan obligations and new loan guarantee commitments for each major functional category for FY 1983 through 1986.

Requires specified committees of the House and the Senate to report changes in laws within their respective jurisdictions sufficient: (1) to reduce budget authority and outlays in FY 1984 through 1985 in amounts consistent with reductions in entitlement programs assumed in this resolution; and (2) to increase revenues in FY 1984 through FY 1986 in amounts consistent with the assumptions in this resolution.

Makes it out of order in either House to consider any bill or resolution or amendment providing new budget authority for FY 1984 or new spending authority first effective in FY 1984 within the jurisdiction of any of its committees unless and until such committee makes the allocations or subdivisions required by the Budget Act.

Declares that it is the sense of the Congress that the President and the Congress, through the appropriations process, should limit the on-budget new direct loan obligations, the off-budget new direct loan obligations, and new loan guarantee commitments to specified amounts for FY 1984.

Declares that it is the sense of Congress that the President and the Congress should limit to specified amounts for FY 1984 total Federal Financing Bank origination of direct loans guaranteed by other Federal agencies and purchases of certificates of beneficial ownership from Federal agencies. Declares that direct borrowing transactions of Federal agencies should be, to the maximum extent possible, restricted to the Federal Financing Bank.

Requires the joint explanatory statement accompanying the conference report on this resolution to include an estimated allocation of the appropriate levels of total new direct loan obligations and new loan guarantee commitments for FY 1983 and 1984 among each committee of the House and the Senate which has jurisdiction over bills and resolutions providing such new obligations and commitments.

Requires every committee of each House, after consulting with the committee or committees of the other House to which all or part of the allocation has been made, to subdivide among its subcommittees the allocation of new direct loan obligations and new loan guarantee commitments for FY 1983 and 1984.

Declares that it is the sense of Congress that the budgets of Federal agencies initiating Federal Financing Bank purchases of certificates of beneficial ownership and originations of guaranteed loans should include the budget authority and outlays resulting from the transactions. Recommends that the committees with proper jurisdiction consider legislation to require that the budgetary impact of such Federal Financing Bank transactions be included in the budgets of the initiating agencies beginning with the FY 1985 budget.

Requests the House and Senate Banking Committees to report to their respective bodies, no later than June 30, 1983, a resolution expressing the Sense of the Congress as to the coordination of the Federal Reserve's monetary policy with the fiscal policy reflected in this Budget.