A concurrent resolution setting forth the congressional budget for the United States Government for the fiscal year 1980 and revising the congressional budget for the United States Government for the fiscal year 1979.

(Conference report filed in Senate, S. Rept. 96-192)

Revises the second concurrent resolution on the budget for fiscal year 1979.

Sets forth the congressional budget for the United States Government for fiscal year 1980.

States that: (1) the recommended level of Federal revenues is $509,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is zero; (2) the appropriate level of total new budget authority is $604,050,000,000; (3) the appropriate level of total budget outlays is $532,000,000,000; (4) the amount of the deficit in the budget which is appropriate in the light of economic conditions and all other relevant factors is $23,000,000,000; and (5) the appropriate level of the public debt is $887,200,000,000, and the amount by which the statutory limit on such debt should accordingly be increased is $57,200,000,000.

Specifies the appropriate levels of new budget authority and the estimated budget outlays for each major functional category in fiscal year 1980.

Sets forth aggregate budgetary levels recommended by the Senate for fiscal years 1981 and 1982 which create a budget surplus in both years, and allow for a decrease in total Federal revenues in fiscal year 1982.

Projects budget aggregates for fiscal years 1981 and 1982 based on existing policies of the House which allow for a budget surplus in both years.

Recommends that a way be found within the Congressional budget process to relate accurately the estimates of off-budget Federal entities and capital expenditures to the unified budget.

Directs each standing committee of the House of Representatives to report to the House by July 1, 1979, its recommendations and the status of its actions with respect to new spending authority including all legislative savings, and other reforms, targeted by the first concurrent resolution on the budget for fiscal year 1979.

Requires each standing committee of the House to include in its March 15, 1980, report to the Budget Committee of the House: (1) recommendations as to all possible legislative savings for the programs under its jurisdiction; and (2) estimates of the unobligated balances of budget authority and steps which are being taken and which might be taken to reduce such balances.