A bill to amend the Congressional Budget Act of 1974 to limit the levels of total budget outlays and tax expenditures contained in concurrent resolutions on the budget; and to establish procedures for making loans and loan guarantees under Federal credit programs subject to the congressional budget process.

[AI summary unavailable — showing source text] Title I: Limitation on Future Growth of Federal Spending and Tax Expenditures - Federal Spending and Tax Expenditure Control Act of 1979 - Amends the Congressional Budget Act of 1974 to prohibit the adoption of any concurrent resolution on the budget which sets forth a level of total budget outlays and total tax expenditures in excess of 28.5 percent of the gross national product in fiscal year 1981, 28 percent of the gross national product in fiscal year 1982, or 27.5 percent of the gross national product in any fiscal year thereafter. Establishes procedures to enable the President and the Congress to suspend such limitations on budget outlays and tax expenditures. Title II: Federal Credit Program Control - Federal Credit Program Control Act of 1979 - Declares that the purpose of this Act is to provide a basis for controlling loans and loan guarantees under Federal credit programs through the congressional budget process. Requires the first concurrent resolution on the budget for each fiscal year to set forth the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loans and to allocate su…