Federal Fiscal Procedures Improvement Act of 1987

[AI summary unavailable — showing source text] Federal Fiscal Procedures Improvement Act of 1987 - Title I: Two-Year Budget Cycle - Amends the Congressional Budget and Impoundment Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting cycle. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide enforceable deficit targets for odd-numbered fiscal years. Defines a two-fiscal-year budget period as the period of two consecutive fiscal years beginning on October 1 of any odd-numbered year. Sets forth a revised timetable for a biennial budget. Requires the Congress, by September 30 of each odd-numbered year, to complete action on the concurrent resolution on the budget, all regular appropriation bills, and the reconciliation bill or resolution for the two-fiscal-year budget period beginning on October 1 of that year. Requires the President, by the following January 15th, to transmit to the Congress any revisions the President may desire in such budget. Requires the Director of the Congressional Budget Office, by the following March 31, to transmit to the Committees on the Budget of the House and the Senate, any revisions of the Of…