A concurrent resolution to revise the congressional budget for the United States Government for the fiscal year 1985 and setting forth the congressional budget for the United States Government for the fiscal years 1986, 1987, and 1988.

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 $736,200,000,000 for FY 1985, $794,200,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $954,200,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,500,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $1,700,000,000 for FY 1988.

Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $50,900,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,200,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors and disability insurance within the recommended levels of Federal revenues at $186,200,000,000 for FY 1985, $200,400,000,000 for FY 1986, $216,800,000,000 for FY 1987, and $248,000,000,000 for FY 1988.

Sets the appropriate levels of total new budget authority at $1,055,500,000,000 for FY 1985, $1,060,000,000,000 for FY 1986, $1,129,100,000,000 for FY 1987, and $1,209,300,000,000 for FY 1988.

States that the appropriate levels of total budget outlays are $949,300,000,000 for FY 1985, $970,800,000,000 for FY 1986, $1,021,600,000,000 for FY 1987, and $1,074,400,000,000 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 $213,100,000,000 for FY 1985, $176,600,000,000 for FY 1986, $155,600,000,000 for FY 1987, and $120,200,000,000 for FY 1988.

States that appropriate levels of the public debt are $1,857,400,000,000 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, and $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) $51,937,223,000 for new direct loan obligations, $68,805,405,000 for new primary loan guarantee commitments, and $41,251,600,000 for new secondary loan guarantee commitments for FY 1985; (2) $34,258,541,000 for new direct loan obligations, $74,036,605,000 for new primary loan guarantee commitments, and $43,107,900,000 for new secondary loan guarantee commitments for FY 1986; (3) $34,376,759,000 for new direct loan obligations, $76,966,574,000 for new primary loan guarantee commitments, and $44,904,200,000 for new secondary loan guarantee commitments for FY 1987; and (4) $34,172,944,000 for new direct loan obligations, $81,175,571,000 for new primary loan guarantee commitments, and $46,861,800,000 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.

Requires certain House and Senate 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 House committees to submit their recommendations to the House Budget Committee not later than 30 days after adoption of jurisdiction. Requires the House 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.

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

Prohibits the House of Representatives from considering any measure providing new budget authority, new entitlement authority, or new credit activity for FY 1986 within the jurisdiction of a committee until such committee makes the allocations or subdivisions required by the Congressional Budget Act.

Declares that such prohibition shall not apply until 21 days of continuous session after the Congress completes action on this concurrent resolution.