A bill to amend the congressional budget process to provide for a pay-as-you-go budget for the United States, to provide for a biennial budget for the United States, and to provide line item veto authority for the President, and for other purposes.

[AI summary unavailable — showing source text] Title I: Pay-As-You-Go-Budget - Pay-As-You-Go Budget Act - Prohibits the Federal budget for a fiscal year, as proposed by the President or as adopted by the Congress in a concurrent resolution on the budget, from: (1) providing for total budget outlays exceeding the total outlays for the preceding fiscal year, unless it provides at least equal increases in revenues and identifies the source of such revenues; or (2) providing for a reduction in revenues from the preceding fiscal year, unless it provides at least equal reductions in outlays and identifies the programs or activities for which outlays will be reduced. Authorizes the Congress, by a two-thirds vote of each House, to waive such prohibition concerning the budget adopted under a concurrent resolution. Prohibits either House from considering a concurrent resolution on the budget for a fiscal year under which revenues exceed outlays, unless the purposes for which such excess revenues are to be allocated are specified. Title II: Biennial Budget - Biennial Budgeting Act of 1987 - Amends the Congressional Budget Act of 1974 to revise the Federal and congressional budget process by: (1) establishing a two-year budgeting cycle beg…