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 defict 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 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 $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.