Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990.

Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenues of $692,300,000,000 for FY 1988, $732,300,000,000 for FY 1989, and $779,800,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $21,150,000,000 for FY 1988, $24,950,000,000 for FY 1989, and $26,100,000,000 for 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,850,000,000 for FY 1989; and (3) $68,950,000,000 for FY 1990.

Sets the appropriate levels of total new budget authority at $912,700,000,000 for FY 1988, $956,100,000,000 for FY 1989, and $974,300,000,000 for FY 1990.

States that the appropriate levels of total budget outlays are $836,200,000,000 for FY 1988, $868,200,000,000 for FY 1989, and $888,300,000,000 for FY 1990.

Sets the amount of the deficit at $144,000,000,000 for FY 1988, $135,800,000,000 for FY 1989, and $108,500,000,000 for FY 1990.

Sets the appropriate levels of the public debt at $2,565,100,000,000 for FY 1988, $2,777,100,000,000 for FY 1989, and $2,964,200,000,000 for FY 1990.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,600,000,000 for new direct loan obligations, $156,700,000,000 for new primary loan guarantee commitments, and $100,600,000,000 for new secondary loan guarantee commitments for FY 1988; (2) $33,550,000,000 for new direct loan obligations, $150,550,000,000 for new primary loan guarantee commitments, and $97,600,000,000 for new secondary loan guarantee commitments for FY 1989; and (3) $32,450,000,000 for new direct loan obligations, $158,300,000,000 for new primary loan guarantee commitments, and $94,600,000,000 for new secondary loan guarantee commitments for FY 1990.

Sets forth the levels of budget authority, budget outlays, new direct obligations, new primary loan guarantee commitments,and new secondary loan guarantee commitments for each major functional category for FY 1988 through 1990.

Requires the following Senate Committees to report changes in the laws within their jurisdiction and to make recommendations sufficient to reduce budget authority and outlays by specified amounts for FY 1988 through 1990: (1) Agriculture, Nutrition, and Forestry; (2) Banking, Housing, and Urban Affairs; (3) Commerce, Science, and Transportation; (4) Energy and Natural Resources; (5) Environment and Public Works; (6) Finance; (7) Governmental Affairs; (8) Labor and Human Resources; and (9) Veterans' Affairs.

Requires the following House Committees to report changes in the laws within their jurisdiction and to make recommendations sufficient to reduce budget authority and outlays by specified amounts for FY 1988 through 1990: (1) Agriculture; (2) Merchant Marine and Fisheries; (3) Banking, Finance and Urban Affairs; (4) Education and Labor; (5) Energy and Commerce; (6) Interior and Insular Affairs; (7) Post Office and Civil Service; (8) Veterans' Affairs; and (9) Ways and Means.

Directs the Senate Committee on Finance and the House Committee on Ways and Means to report changes in laws within the jurisdiction of such committees which are sufficient to increase revenues by specified amounts in FY 1988 through 1990. Directs the Senate Finance Committee on report changes in laws to increase the statutory limit on the public debt to an amount not to exceed $2,565,100,000,000.

Earmarks a specified amount of new budget authority and budget outlays for FY 1988 through 1990 for funding for defense and interest.

Directs the Senate Committee on Finance and the House Committee on Ways and Means to report legislation to: (1) establish a deficit reduction account in the Treasury; (2) ensure that revenues deposited in such account would not be available for appropriation; and (3) provide that such revenues be used to retire the national debt.

Expresses the sense of the Congress that from time to time the U.S. Government should sell assets to non-government buyers.

Describes the budgetary treatment of legislation authorizing the prepayment of certain loans.

Establishes a reserve fund for: (1) the child care and job training initiative; and (2) the Medicare catastrophic health insurance initiative.

Assumes that the Senate Committee on Finance and the House Committees on Ways and Means, and Energy and Commerce would achieve Medicare savings without increasing premiums or deductibles or delaying eligibility or otherwise raising beneficiary out-of-pocket costs.

Expresses the sense of the Senate that the increase of revenue levels provided for this Act will not be achieved by either raising or delaying the individual or corporate income tax rates provided in the Tax Reform Act of 1986.

Expresses the sense of the Congress that the special needs of rural hospitals should be taken into account in enacting legislation to reconcile Medicare Program expenditures with those under the congressional concurrent resolution on the budget for FY 1988 and subsequent years.

Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 through 1991.

Sets forth the levels and amounts of Federal revenues, budget outlays, and deficits for FY 1988 through 1991 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenue of $680,300,000,000 for FY 1988, $726,800,000 for FY 1989, $790,800,000,000 for FY 1990, and $863,800,000,000 for FY 1991. Sets the amount by which the aggregate levels of Federal revenues should be increased at $20,300,000,000 for FY 1988, $26,400,000,000 for FY 1989, $26,700,000,000 for FY 1990, and $35,800,000,000 for FY 1991. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,900,000,000 for FY 1989; (3) $68,900,000,000 for FY 1990; and (4) $74,300,000,000 for FY 1991.

Sets the appropriate levels of total new budget authority at $919,600,000,000 for FY 1988, $959,500,000,000 for FY 1989, $983,300,000,000 for FY 1990, and $1,031,300,000 for FY 1991.

States that the appropriate levels of total budget outlays are $849,800,000,000 for FY 1988, $878,000,000,000 for FY 1989, $904,900,000,000 for FY 1990, and $928,700,000,000 for FY 1991.

Sets the amount of the deficit at $169,500,000,000 for FY 1988, $151,200,000,000 for FY 1989, $114,100,000,000 for FY 1990, and $64,900,000,000 for FY 1991.

States that the appropriate levels of the public debt shall be $2,585,600,000,000 for FY 1988, $2,804,100,000,000 for FY 1989, $2,983,700,000,000 for FY 1990, and $3,115,200,000,000: for FY 1991. States that the amounts by which statutory limits on such debt should be increased are as follows: (1) $231,800,000,000 for FY 1988; (2) $218,500,000,000 for FY 1989; (3) $179,600,000,000 for FY 1990; and (4) $131,500,000,000 for FY 1991.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,000,000,000 for new direct loan obligations, $156,500,000,000 for new primary loan guarantee commitments, and $100,600,000,000 for new secondary loan guarantee commitments for FY 1988; (2) $32,300,000,000 for new direct loan obligations, $150,400,000,000 for new primary loan guarantee commitments, and $97,900,000,000 for new secondary loan guarantee commitments for FY 1989; (3) $31,000,000,000 for new direct loan obligations, $158,100,000,000 for new primary loan guarantee commitments, and $94,600,000,000 for new secondary loan guarantee commitments for FY 1990; and (4) $30,100,000,000 for new direct loan obligations, $165,400,000,000 for new primary loan guarantee commitments, and $91,000,000,000 for new secondary loan guarantee commitments for FY 1991.

Sets forth the levels of budget authority, budget outlays, new direct obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for each major functional category for FY 1988 through 1991.

Requires the following Senate Committees to report changes in laws within their jurisdictions and make recommendations sufficient to reduce budget authority and outlays and make recommendations sufficient to reduce budget authority and outlays by specified amounts for FY 1988 through 1991: (1) Agriculture, Nutrition, and Forestry; (2) Armed Services; (3) Banking, Housing, and Urban Affairs; (4) Commerce, Science, and Transportation; (5) Energy and Natural Resources; (6) Environment and Public works; (7) Finance; (8) Governmental Affairs; (9) Labor and Human Resources; and (10) Veterans' Affairs.

Requires the following House Committees to report changes in laws within their jurisdictions and make recommendations sufficient to reduce budget authority and outlays by specified amounts for FY 1988 through 1991: (1) Agriculture; (2) Armed Services; (3) Banking, Finance and Urban Affairs; (4) Education and Labor; (5) Energy and Commerce; (6) Government Operations; (7) Interior and Insular Affairs; (8) Post Office and Civil Service; (9) Veterans' Affairs; and (10) Ways and Means.

Directs the Senate Committee on Finance and the House Committee on Ways and Means to report changes in laws within the jurisdiction of such committees which are sufficient to increase revenues by specified amounts in FY 1988 through 1991.

Directs the Budget Committees to report a reconciliation bill or resolution carrying out all such recommendations without substantive revision.

Prohibits an increase in defense spending levels for FY 1988 through 1991 unless: (1) a reconciliation bill is enacted; or (2) the Senate Committee on Finance and the House Committee on Ways and Means provide that changes in laws to increase revenues shall not take effect unless the Senate and House Committees on Appropriations report legislation appropriating the full amount of the defense spending levels for FY 1988.

Expresses the sense of the Congress that any determination with respect to whether a bill, resolution, amendment, or conference report would cause the maximum deficit amount for a fiscal year to be exceeded shall be based upon the same economic and technical assumptions as those used for the President's budget.

Assumes that the Committee on Finance of the Senate and the Committee on Ways and Means of the House would report legislation to establish a deficit reduction account in the Treasury into which revenues resulting from changes in laws reported by such Committees would be deposited and which would be used to retire outstanding U.S. debt obligations.

Expresses the sense of the Congress that the Government generally should sell assets to non-governmental buyers but recommends no sales specifically.

Describes the budgetary treatment of legislation authorizing the prepayment of certain Government loans.

Provides for the allocation of budget authority and outlays for a reserve fund for FY 1988 through 1991 for: (1) the child care and job training initiative; and (2) the medicare catastrophic health insurance initiative.

Assumes that the Senate Committee on Finance and the House Committees on Ways and Means and Energy and Commerce would achieve Medicare savings without increasing premiums or deductibles or delaying eligibility or otherwise raising beneficiary out-of-pocket costs.

Expresses the sense of the Senate that assumptions underlying the revenue levels provided for in this Act will not be achieved by either raising delaying the individual on corporate income tax rates provided in the Tax Reform Act of 1986.

Expresses the sense of the Congress that the special needs of rural hospitals currently taken into account under the Medicare hospital prospective payment system should be taken into account in enacting legislation to reconcile Medicare Program expenditures with those required under the congressional concurrent resolution on the budget for FY 1988 and subsequent years.

Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990.

Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenues of $690,350,000,000 for FY 1988, $728,650,000,000 for FY 1989, and $776,000,000,000 for FY 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $19,850,000,000 for FY 1988, $21,950,000,000 for FY 1989, and $23,100,000,000 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,850,000,000 for FY 1989; and (3) $68,950,000,000 for FY 1990.

Sets the appropriate levels of total new budget authority at $901,600,000,000 for FY 1988, $949,250,000,000 for FY 1989, and $973,050,000,000 for FY 1990.

States that the appropriate levels of total budget outlays are $833,750,000,000 for FY 1988, $863,800,000,000 for FY 1989, and $886,750,000,000 for FY 1990.

Sets the amount of the deficit at $143,400,000,000 for FY 1988, $135,150,000,000 for FY 1989, and $110,750,000,000 for FY 1990.

Sets the appropriate levels of the public debt at $2,565,100,000,000 for FY 1988, $2,776,400,000,000 for FY 1989, and $2,996,300,000,000 for FY 1990.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,500,000,000 for new direct loan obligations and $148,700,000,000 for new primary loan guarantee commitments for FY 1988; (2) $33,800,000,000 for new direct loan obligations and $150,150,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $33,000,000,000 for new direct loan obligations and $158,000,000,000 for new primary loan guarantee commitments for FY 1990.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1988 through 1990.

Requires the following House committees to report changes in laws within their jurisdiction and make recommendations which provide spending authority sufficient to achieve specified savings in budget authority and outlays in FY 1988, 1989, and 1990: (1) Agriculture; (2) Banking, Finance, and Urban Affairs; (3) Education and Labor; (4) Energy and Commerce; (5) Interior and Insular Affairs; (6) Merchant Marine and Fisheries; and (7) Ways and Means. Requires the House Committee on Ways and Means to report changes in laws within the jurisdiction of that committee sufficient to increase revenues by $18,000,000,000 in FY 1988, $19,000,000,000 in FY 1989, and $20,000,000,000 in FY 1990. Directs the Committee on the Budget to report to the House of Representatives a reconciliation bill or resolution to carry out all such recommendations.

Requires certain revenues increased through legislation in FY 1988 through 1990 to be used solely for the purpose of reducing the Federal deficit.

Directs the President to establish a deficit reduction account in the Treasury.

Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990.

Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded.

Recommends levels of Federal revenues of $659,900,000,000 for FY 1988, $700,400,000,000 for FY 1989, and $764,100,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $0 for FY 1988, $0 for FY 1989, and $0 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,850,000,000 for FY 1989; and $68,950,000,000 for FY 1990.

Sets the appropriate levels of total new budget authority at $842,600,000,000 for FY 1988, $889,100,000,000 for FY 1989, and $926,000,000,000 for FY 1990.

States that the appropriate levels of total budget outlays are $804,500,000,000 for FY 1988, $819,000,000,000 for FY 1989, and $854,100,000,000 for FY 1990.

Sets the amount of the deficit at $144,600,000,000 for FY 1988, $118,600,000,000 for FY 1989, and $90,000,000,000 for FY 1990.

Sets the appropriate levels of the public debt at $2,558,050,000,000 for FY 1988, $2,758,600,000,000 for FY 1989, and $2,932,400,000,000 for FY 1990.

Sets forth the appropriate levels of total Federal credit activity as follows: (1) $29,400,000,000 for new direct loan obligations and $131,100,000,000 for new primary loan guarantee commitments for FY 1988; (2) $24,600,000,000 for new direct loan obligations and $107,500,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $20,800,000,000 for new direct loan obligations and $86,900,000,000 for new primary loan guarantee commitments for FY 1990.

Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1988 through 1990.

Requires House and Senate committees to: (1) submit recommendations to eliminate the full amount of the deficit excess for FY 1988; and (2) report changes in the law within their jurisdictions which provide spending authority sufficient to reduce budget authority and outlays. Requires the Committees on the Budget of the House and Senate to report to the House and Senate a reconciliation bill or resolution carrying out such recommendations.