A concurrent resolution revising the congressional budget for the United States Government for the fiscal year 1986 and setting forth the congressional budget for the United States Government for the fiscal years 1986, 1987, and 1988.

(Measure passed House, amended, roll call #131 (258-170))

Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988.

Recommends levels of Federal revenues of $736,050,000,000 for FY 1985 $794,100,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $955,6000,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,450,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $3,100,000,000 for FY 1988.

Sets the amounts for Federal Insurance Contributions Act (FICA) revenue for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $51,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,300,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors, and disability insurance within the recommended levels of Federal revenues at $186,150,000,000 for FY 1985, $200,700,000,000 for FY 1986, $216,850,000,000 for FY 1987, and $248,250,000,000 for FY 1988.

Sets the appropriate levels of total new budget authority at $1,039,100,000,000 for FY 1985, $1,051,500,000,000 for FY 1986, $1,125,700,000,000 for FY 1987, and $1,205,300,000,000 for FY 1988.

States that the appropriate levels of total budget outlays are 941,650,000,000 for FY 1985, $959,100,000,000 for FY 1986, $1,022,450,000,000 for FY 1987, and $1,073,650,000,000 for FY 1988.

Sets the amounts of the deficits in the budget which are appropriate in the light of economic conditions and all other relevant factors at $205,500,000,000 for FY 1985, $165,000,000,000 for FY 1986, $156,450,000,000 for FY 1987, and $118,050,000,000 for FY 1988.

States that appropriate levels of the public debt are $1,867,400,000,000 for FY 1985, $2,089,700,000,000 for FY 1986, $2,320,700,000,000 for FY 1987 and $2,536,500,000,000 for FY 1988. Sets the amounts by which the statutory limits on such limit should be increased at $33,600,000,000 for FY 1985, $232,300,000,000 for FY 1986, $231,000,000,000 for FY 1987, and $215,800,000,000 for FY 1988.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $51,950,000,000 for new direct loan obligations, $68,800,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1985; (2) $38,050,000,000 for new direct loan obligations, $74,6000,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1986; (3) $37,000,000,000 for new direct loan obligations $73,000,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1987; and (4) $36,450,000,000 for new direct loan obligations, $76,900,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1988.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1985 through 1988.

Sets forth revised budgetary levels reflecting both the unified budget and off-budget transactions for FY 1986 through 1987.

Recommends revised levels of Federal revenues of $794,100,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $955,600,000,000 for FY 1988. Sets the revised amounts by which the aggregate level of revenues should be increased at $1,450,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $3,100,000,000 for FY 1988.

Sets the revised amounts for FICA revenues for hospital insurance within the recommended levels of Federal revenues at $51,000,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,300,000,000 for FY 1988. Sets the revised amount for FICA revenues for old-age, survivors and disability insurance within the recommended levels of Federal revenues at $200,700,000,000 for FY 1986, $216,850,000,000 for FY 1987, and $248,250,000,000 for FY 1988.

Sets the revised levels of total new budget authority at $1,062,900,000,000 for FY 1986, $1,134,300,000,000 for FY 1987, and $1,212,800,000,000 for FY 1988.

States that the revised levels of total budget outlays are $967,250,000,000 for FY 1986, $1,028,500,000,000 for FY 1987, and $1,080,000,000,000 for FY 1988.

Sets the revised amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $173,150,000,000 for FY 1986, $162,500,000,000 for FY 1987, and $124,400,000,000 for FY 1988.

Sets forth the revised levels of budget authority and budget outlays for each major functional category.

Requires certain House committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in FY 1986. Specifies changes in budget authority and outlays under laws within such committees' jurisdictions which the Congress finds necessary in FY 1987 and 1988 to achieve budget levels under this resolution. Requires such committees to submit their recommendations to the House Budget Committee not later than 30 days after final action on this resolution. Requires the Budget Committee to report a reconciliation bill carrying out such recommendations without any substantive revision.

Declares that, effective October 1, 1985, this concurrent resolution shall be deemed to be the second concurrent budget resolution for FY 1986 required to be reported under the Congressional Budget Act of 1974.

Permits the enrollment of any bill or resolution providing new discretionary budget authority or new spending authority for FY 1986 if it would not cause the appropriate allocation for a committee to be exceeded. Makes exceptions for legislation that would cause budget authority and outlays for certain off-budget spending programs to be included in the unified budget.

Terminates such provisions when the Congress completes action on a subsequent concurrent resolution on the budget for FY 1986.

Expresses the sense of the Congress that: (1) the Office of Management and Budget should release and apportion to the States the amount appropriated for the Special Supplemental Food Program (WIC program) for FY 1985; (2) the Administration should call for the convening of an international monetary conference this year for the purpose of exploring options to stabilize currency exchange rates, reduce interest rates, promote maximum domestic and world economic growth, and help assure domestic price stability; and (3) budget functional totals should be reduced to reflect a limitation on the amount of social security benefits paid to illegal and nonresident aliens.

Expresses the sense of the House of Representatives that tax reform should be adopted as soon as possible incorporating the following objectives; (1) responsiveness to market conditions; (2) simplicity of structure and lower marginal tax rates; (3) fair and equitable distribution of the tax burden; (4) a broader tax base; and (5) increased incentives for work, saving, and investment.

Expresses the sense of the House of Representatives that: (1) each of its standing committees should review, on a continuing basis and when considering public bills or resolutions, those portions of the President's Private Sector Survey on Cost Control (Grace Commission report) pertaining to such committee's jurisdiction; and (2) each committee report on a public bill or resolution should contain an identification of each recommendation of the Survey to be implemented and the resulting estimated program cost savings or revenue enhancement and a statement setting forth the disposition of each recommendation pertaining to such bill or resolution.