Federal Budgetary Responsibility and Control Act

[AI summary unavailable — showing source text] Federal Budgetary Responsibility and Control Act - States the finding of the Congress that it is necessary to establish a procedure by which a total limit on Federal expenditures may be set for each fiscal year. Title I: Congressional Expenditure Limitation - Provides that the expenditures and net lending (budget outlays) of the Federal Government during each ensuing fiscal year shall not exceed that amount which the Congress shall fix by joint resolution no later than April 30 of each year. Requires the Director of the Office of Management and Budget to report to the President and the Congress not later than fifteen days after the sine die adjournment of each session of the Congress on his estimate of the net effect of action or inaction by the Congress with respect to total expenditure and net lending recommended by the President for the fiscal year following such session. Title II: - Federal Impoundment Procedures - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by an officer or employee fo the United States, he shall, within ten days thereafter, transmit …