Federal Budget Reform Act

Federal Budget Reform Act - Amends the Congressional Budget and Impoundment Control Act of 1974 to establish a two-year budget process.

Amends the Congressional Budget Act of 1974 to provide for a two-year reporting requirement by the Congressional Budget Office. Changes the fiscal year to a fiscal period beginning on January 1 of even-numbered years and extending for the next two years. Provides for one concurrent resolution setting forth the Federal budget to be agreed on in the first session of Congress.

Makes it out of order in the House or the Senate to consider any bill or resolution providing new budget authority for a two-year fiscal period other than an omnibus appropriation bill.

Sets forth deadlines for the Committees on Appropriations of the House and the Senate to report on an omnibus appropriation bill for a two-year fiscal period.

Allows the House or the Senate to consider a supplemental appropriation bill for a two-year fiscal period at any time after the Congress adopts a concurrent resolution on the budget or the most recently agreed to concurrent resolution on the budget for such two-year fiscal period. Prohibits any amendment providing new budget authority unless it is an amendment to an omnibus appropriation bill or a supplemental appropriation bill.

Provides for reconciliation at any time after the consideration of the concurrent resolution is passed.

Prohibits the enrollment of any bill or resolution which would cause the budget levels agreed to in the budget resolution to be exceeded.

Amends the Budget and Accounting Act of 1921 to revise the requirements for the submission of the President's budget. Provides for the submission of proposed spending, including proposed budget authority, direct loans and commitments to guarantee loans, and estimates of outlays and receipts for all activities.

Amends accounting procedures to conform them to the two-year fiscal period.

Amends the Permanent Appropriation Repeal Act to convert such Act to a two-year fiscal period.

Makes the two-year fiscal period effective on January 1, 1988.

Makes transition provisions for FY 1987 with respect to the Congressional Budget and Impoundment Control Act of 1974 and the Impoundment Control Act of 1974.