An original concurrent resolution setting forth the Congressional Budget for the United States Government for the fiscal years 1987, 1988, and 1989.

(House receded and concurred in certain House amendment with an amendment, roll call #211 (333-43))

Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989.

Specifies levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1987 through 1989 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenues of $638,850,000,000 for FY 1987, $627,750,000,000 for FY 1988, and $732,250,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at $5,950,000,000 for FY 1987, $6,300,000,000 for FY 1988, and $7,350,000,000 for FY 1989. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $55,700,000,000 for FY 1987; (2) $60,150,000,000 for FY 1988; and (3) $64,250,000,000 for FY 1989.

Sets the appropriate levels of total new budget authority at $879,800,000,000 for FY 1987, $924,350,000,000 for FY 1988, and $952,800,000,000 for FY 1989.

States that the appropriate levels of total budget outlays are $799,150,000,000 for FY 1987, $839,850,000,000 for FY 1988, and $862,500,000,000 for FY 1989.

Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $160,300,000,000 for FY 1987, $152,100,000,000 for FY 1988, and $124,250,000,000 for FY 1989.

States that appropriate levels of the public debt are $2,322,800,000,000 for FY 1987, $2,530,650,000,000 for FY 1988, and $2,713,300,000,000 for FY 1989.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,550,000,000 for new direct loan obligations and $100,750,000,000 for new primary loan guarantee commitments for FY 1987; (2) $30,300,000,000 for new direct loan obligations and $91,750,000,000 for new primary loan guarantee commitments for FY 1988; and (3) $32,050,000,000 for new direct loan obligations and $93,500,000,000 for new primary loan guarantee commitments for FY 1989.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1987 through 1989.

Requires certain congressional committees to report changes in laws within their jurisdictions sufficient to reduce or achieve savings in budget authority and outlays, decrease outlays, or increase budget authority by certain amounts, as specified, in FY 1987 through 1989. Requires the House Committee on Ways and Means and the Senate Committee on Finance to report changes sufficient to reduce the budget deficit by $4,350,000,000 in FY 1987, $4,095,000,000 in FY 1988, and $4,190,000,000 in FY 1989. Directs all such committees, by July 25, 1986, to submit their recommendations to the Committees on the Budget of their respective Houses. Directs the Budget Committees to report a reconciliation bill or resolution carrying out all such recommendations without any substantive revision.

Reserves specified amounts of budget authority and outlays for funding unmet critical needs in defense and nondefense areas for FY 1987 through 1989. Requires allocations not exceeding such amounts to congressional committees when: (1) legislation has been enacted ensuring that providing for such additional funding will not increase the deficits for FY 1987 through 1989; (2) the President requests such funding; and (3) the appropriate committees have reported legislation which will provide such funding. Requires aggregates for FY 1987 through 1989 to be adjusted if such allocations are made. Allows the President to request and the Congress to initiate legislation to reduce deficits below the levels set forth in this budget resolution.

Provides for additional allocations of budget authority and outlays to appropriate congressional committees for funding an extension of general revenue sharing through FY 1989 if: (1) legislation has been enacted ensuring that such funding would not increase the deficits for FY 1987 through 1989; (2) such funding has been authorized; and (3) such committee has reported legislation to provide such funding.

Expresses the sense of the Congress that the Secretary of Defense and the General Accounting Office should transmit to the Congress: (1) a report accounting for monies appropriated to the Department of Defense for FY 1986 in excess of sums needed to cover inflation; and (2) a report for FY 1988 and 1989 accounting for moneys which were appropriated to the Department, but not obligated to cover inflation for each respective prior fiscal year. Directs the Committees on Armed Services of the House and the Senate to take appropriate action to ensure that only the appropriate levels of funding for inflation are provided. Expresses the sense of the Congress that such committees should report legislation prohibiting the Department from using an arbitrary deflator (one not based on historical or factual data) which would provide funding for major weapons systems inflation in excess of the GNP deflator.

Expresses the sense of the Congress that the appropriate congressional committees should review proposals to change the Federal credit budget in order to: (1) provide uniform budget treatment of Federal credit programs based on their subsidy cost; (2) permit accurate comparison of credit and spending programs based on their true economic cost; (3) promote effective management of credit programs; and (4) undertake accounting and management reforms.

Expresses the sense of the Congress that: (1) employees of the U.S. oil and gas industry and service industry have been directly injured by an increase in petroleum imports; (2) the Administration should broaden its interpretation of the Trade Adjustment Assistance Act so as to allow such employees to qualify for certification under the Act; and (3) if the administration does not take such action immediately, the Congress will address the matter on the first appropriate vehicle it considers.

Reaffirms congressional policy to fill the Strategic Petroleum Reserve to 750,000,000 barrels. Recommends that the Government purchase oil for the Reserve in a way designed to help domestic stripper oil well producers so as to minimize the shutting-in of stripper production.

Expresses the sense of the Congress that Federal funds for the Cooperative Extension Service should be maintained at a level sufficient to carry out fully the vital services, including specified programs, it is providing to rural America.

Expresses the sense of the Congress that the use of foreign aid funds to finance the foreign production for export of agricultural commodities already in surplus on world markets is a counter-productive use of American tax dollars as well as devastating to the American farmer.

Expresses the sense of the Congress that legislation should be enacted to provide that cost-of-living adjustments for social security and other linked programs will be paid at the actual rate of inflation, whether it is above or below three percent.

Allows the Chairman of the Committee on the Budget of the House to file with the House, not later than July 9, 1986, allocations required to be made pursuant to the Congressional Budget Act of 1974 which shall be considered to be the allocations required to be in the joint explanatory statement accompanying this resolution.