Budget and Oversight Reform Act of 1981

[AI summary unavailable — showing source text] Budget and Oversight Reform Act of 1981 - Declares that the purpose of this Act is to establish a more effective and comprehensive budget process. 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. Amends the Congressional Budget and Impoundment Control Act of 1974 to define the term 'biennial fiscal period' to be a two-year period beginning on October 1 of any even-numbered year and ending on September 30 of the succeeding even-numbered year. Requires the Director of the Congressional Budget Office, on or before April 30 of each odd-numbered year, to submit to the congressional budget committees a fiscal policy report for the biennial fiscal period commencing on October 1 of the succeeding year. Requires the Director, on March 15 of each even-numbered year, to transmit to such committees any revisions to such report as may be necessary due to changing economic conditions or to any revisions in the President's budget. Requires Congress to complete action on the first concurrent resolution on the budget by July 31 of each odd-numbered y…