Concurrent resolution revising the congressional budget for the U.S. government for the fiscal year 1976, directing certain reconciliation action, and providing for the transition quarter.

[AI summary unavailable — showing source text] Sets forth budget levels for the fiscal year beginning on July 1, 1975 which include: (1) total budget outlays of $375,600,000,000; (2) new budget authority of $406,200,000,000; (3) a budget deficit of $74,800,000,000; (4) Federal revenues of $300,800,000,000; and (5) a public debt of $623,200,000,000. Directs the Senate Committee on Finance and the House Committee on Ways and Means to submit to their respective Houses legislation to decrease Federal revenues by $6,400,000,000. States the budget levels for the transition quarter beginning on July 1, 1976.…