Biennial concurrent resolutions on the budget

(a) Contents of resolution Section 301(a) of the Congressional Budget Act of 1974 (2 U.S.C. 632(a)) is amended— (1) by striking On or before April 15 and all that follows through the following: and inserting the following: On or before May 1 of each odd-numbered calendar year, the Congress shall complete action on a concurrent resolution on the budget for the biennium beginning on October 1 of that calendar year. The concurrent resolution shall set forth appropriate levels for each fiscal year in the biennium and for at least each fiscal year in the next 2 bienniums for the following—; (2) in paragraph (6)— (A) by striking for the fiscal year and inserting for each fiscal year in the biennium; and (B) by striking and at the end; (3) in paragraph (7)— (A) by striking for the fiscal year and inserting for each fiscal year in the biennium; and (B) by striking the period at the end and inserting a semicolon; (4) by adding after paragraph (7) the following: (8) subtotals of new budget authority and outlays for nondefense discretionary spending; defense discretionary spending; direct spending; and net interest; (9) the ratio of the public debt to the estimated gross domestic product and the ratio of the deficit to the estimated gross domestic product; and (10) the total outlays and total revenue losses from tax expenditures.; and (5) by adding at the end of the matter following paragraph (8) (as added by subparagraph (D)) the following: The concurrent resolution on the budget for a biennium shall include procedures for adjusting spending and revenue levels, committee allocations, and other amounts in the resolution during the second session of a Congress to reflect an updated baseline that will be used for scoring purposes.. (b) Additional Matters in concurrent resolution Section 301(b) of the Congressional Budget Act of 1974 (2 U.S.C. 632(b)) is amended— (1) in paragraph (3), by striking for such fiscal year and inserting for either fiscal year in such biennium; (2) in paragraph (8), by striking and at the end; (3) in paragraph (9), by striking the period at the end and inserting; and; and (4) by adding at the end the following: (10) include total combined outlays and revenues for tax expenditures.. (c) Hearings and report Section 301(e) of the Congressional Budget Act of 1974 (2 U.S.C. 632(e)) is amended— (1) in paragraph (1), by striking fiscal year and inserting biennium; and (2) in paragraph (3)— (A) by striking and at the end of subparagraph (D); (B) by striking the period at the end of subparagraph (D) and inserting; and; and (C) by adding at the end the following: (F) the difference between the true tax liability owed to the Federal Government and the amount of tax paid voluntarily and on time.. (d) Goals for reducing unemployment Section 301(f) of the Congressional Budget Act of 1974 (2 U.S.C. 632(f)) is amended by striking fiscal year each place it appears and inserting biennium. (e) Economic assumptions Section 301(g)(1) of the Congressional Budget Act of 1974 (2 U.S.C. 632(g)(1)) is amended by striking for a fiscal year and inserting for a biennium. (f) Section heading The section heading of section 301 of the Congressional Budget Act of 1974 (2 U.S.C. 632) is amended by striking Annual Adoption of and inserting Adoption of Biennial.