Revising the congressional budget for the United States Government for fiscal year 2007, 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] Revises and replaces the congressional budget for the federal government for FY2007. Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2009-FY2012. Recommends budgetary levels and amounts for FY2007-FY2012 for: (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 FY2007-FY2012. Authorizes certain reserve funds for: (1) the State Children's Health Insurance Program (SCHIP); (2) alternative minimum tax revision; (3) middle-income tax relief and economic equity; (4) agriculture; (5) higher education; (6) Medicare improvements; (7) creation of long-term energy alternatives; (8) affordable housing; (9) equitable benefits for Filipino veterans of World War II; (10) reauthorization of the Secure Rural Schools and Community Self-Determination Act; (11) receipts from the Bonneville Power Administration; and (12) the Transitional Medical Assistance program extension. Provides for adjustments to discretionary sp…