Budget Control Act

[AI summary unavailable — showing source text] Budget Control Act - Title I: Ceiling on Fiscal Year 1974 Expenditures - Expenditure Control Act - States that the net lending during the fiscal year ending June 30, 1974, under the budget of the United States Government shall not exceed $255,300,000,000. Provides that if the estimates or revenues which will be received in the Treasury during the fiscal year ending June 30, 1974, exceed $255,300,000,000, such limitation shall be increased by an amount equal to such excess. Directs the President to propose reservations from expenditure and net lending of such amounts as may be necessary to keep expenditures and net lending during the fiscal year ending June 30, 1974, within the limitation specified in this Act. Provides that the President shall propose reservations of expenditures under this Act by one or more special messages to the Congress and that any proposed reservation shall become effective on the date on which a concurrent resolution approving such reservation is agreed to by the Senate and the House of Representatives. Prescribes procedures for the consideration of such concurrent resolution. Title II: Requirement of Congressional Approval of Impoundment - Provides that wh…