Budget and Oversight Improvement Amendments of 1981

[AI summary unavailable — showing source text] Budget and Oversight Improvement Amendments of 1981 - Declares that the purpose of this Act is to establish a more thorough and timely process for the adoption of the Federal budget. Amends the Congressional Budget Act of 1974 to revise the timetable with respect to the congressional budget process to provide for a two-year budget cycle, beginning with the Ninety-eighth Congress. Defines the term '2-fiscal-year budget period' to be the period of 2 fiscal years beginning on October 1 of any even-numbered year. Requires all bills and resolutions providing budget or spending authority, with certain exceptions involving supplemental appropriations, for any 2-fiscal-year budget period to be reported to the House of Representatives and the Senate no later than April 1 of the year in which such period begins. Requires the Congress to complete action on all bills and resolutions directly or indirectly authorizing the enactment of new budget authority for a 2-fiscal-year budget period not later than October 1 of the year preceding the year in which such period begins. Declares that it is essential to provide for the congressional determination biennially of the appropriate level of gross ob…