Budget Control Act

[AI summary unavailable — showing source text] Budget Control Act - Title I: Changes in Rules of House - Establishes in the House of Representatives a Committee on the Budget consisting of 21 members. Refers to the Committee matters relating to: (1) the establishment of an overall limitation on budget outlays, and an overall limitation on new budget authority; (2) the determination of the overall level of Federal revenues, and the overall level of the public debt of the United States; (3) the determination of the appropriate level of surplus or deficit in the budget in the light of economic conditions and, (4) the allocation of the overall limitation on budget outlays, and the overall limitation on new budgetary authority. Requires the Committee to report during each regular session of Congress concerning matters referred to the Committee and to make continuing studies of the effect on budget outlays of existing and proposed legislation and to report the results of these studies to the House of Representatives. Declares that annually, on or before May 1, Congress shall complete action on a concurrent resolution setting forth the congressional budget for the United States Government for the fiscal year beginning July 1. States t…