Federal Act to Control Expenditures and Upgrade Priorities

[AI summary unavailable — showing source text] Federal Act to Control Expenditures and Upgrade Priorities - Title I: Legislative Budget - Establishes a joint committee of the Congress which shall be known as the Joint Committee on the Budget. Provides that the joint committee shall be composed of nine members of the House of Representatives and nine members of the Senate. Sets forth the administrative powers of the joint committee. States that upon the submission of the Budget by the President for each fiscal year, beginning with fiscal year 1975, the joint committee shall promptly review the budget for the purpose of formulating and submitting to the Senate and the House of Representatives, a legislative budget for that fiscal year. Provides that such budget shall be submitted by the joint committee to the Senate and the House of Representatives by May 31 of each year. Provides that this budget must be submitted prior to the consideration of any bill or joint resolution appropriating or authorizing appropriations for any fiscal year. Title II: Five-Year Budget Projections - Provides that the Budget submitted by the President shall set forth estimated expenditures and proposed appropriations necessary in his judgement for the s…