Omnibus Budget Reform and Impoundment Control Act

[AI summary unavailable — showing source text] Omnibus Budget Reform and Impoundment Control Act - Title I: Budget Reform Machinery and Procedures - Establishes Committees on the Budget within the Senate and House of Representatives to determine an overall limitation on budget outlays and authority of the United States Government. Provides that on or before May 1 of each year, the Congress shall complete action on a concurrent resolution setting forth the congressional budget for the United States Government for the fiscal year beginning on July 1 of that year. Specifies the matters required to be set forth in such concurrent resolution. Requires, before March 1 of each year, specified Committees to submit their views and recommendations to the Committee on the Budget. Sets forth the timetable for the first concurrent resolution on the budget, including the effect of specified adjournments. Declares that Congress must adopt a final concurrent resolution on the budget before adjourning. Prescribes procedures for expediting consideration of such resolution. Provides for a tax surcharge where the budget deficit will be greater, or the surplus will be smaller, than that determined to be appropriate. Describes the requirements for a…