A bill to amend the Congressional Budget Act of 1974 to establish a Council on Economic Indicators and to provide for House and Senate approval of economic assumptions underlying the budget.

Amends the Congressional Budget Act of 1974 to establish the Council on Economic Indicators which shall transmit a report to the President and the Budget Committees of each House of Congress during the first 15 days of each regular session of Congress. Requires such report to contain the Council's estimates of the economic assumptions for the current calendar year and the calendar year immediately following the current calendar year.

Requires each Budget Committee to report a resolution to its House, on or before March 1 of each year, containing the estimates of the Council for the current calendar year and the next calendar year, as affirmed or revised by the committee. Requires each House to have completed action on such resolutions not later than March 15 of each year.