Establishing the congressional budget for the United States Government for fiscal year 2008 and setting forth appropriate budgetary levels for fiscal years 2009 through 2012.

[AI summary unavailable — showing source text] Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2009-FY2012. Lists recommended budgetary levels and amounts, for FY2008-FY2012, with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; and (6) debt held by the public. Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2008-FY2012. Sets forth reconciliation instructions for the Committees on: (1) Agriculture; (2) Armed Services; (3) Education and Labor: (4) Energy and Commerce; (5) Financial Services; (6) Foreign Affairs; (7) the Judiciary; (8) Natural Resources; (9) Transportation and Infrastructure; and (10) Ways and Means. Requires the House Budget Committee to report a reconciliation bill providing for mandatory spending reform. Declares the policy in the resolution on: (1) taxation; (2) entitlement spending; and (3) the Bonneville Power Marketing Administration. Prohibits House legislation that would require advance appropriations, except certain FY2009 or FY2010 programs, projects, activities, or accounts. State…