Congressional Budgetary Procedures Act

[AI summary unavailable — showing source text] Congressional Budgetary Procedures Act - Establishes a standing Committee of the Senate to be known as the Committee on the Budget and a Standing Committee of the House of Representatives to be known as the Committee on the Budget. Outlines the composition and duties of each committee. Authorizes these committees to consider those bills introduced in each respective House, providing new advance obligational authority. Provides that neither committee of the House or Senate shall consider such new budgetary measures after the first of May except in emergency or the waiver of such time limitation by 2/3 vote. Creates a Congressional Office of the Budget and outlines the duties of such Office. Provides that the function of the office is to provide information to the Budget Committees of the two Houses and to other Committees of the two Houses with respect to budget and appropriation bills. Abolishes the joint committee on reduction of Federal Expenditures. Requires the office to recommend to each budget committee of the two houses the amount by which budget outlays of the U.S. should exceed revenues expected to be received or the amount by which such revenues should exceed such budget …