99 STAT. 1040
Infra. Post, p. 1056.
2 USC 622.
PUBLIC LAW 99-177—DEC. 12, 1985 "(i) the budget of the United States Government submitted by the President pursuant to section 1105 of title 31, United States Code, or "(ii) the budget adopted by the Congress pursuant to title III of this Act. "(9) The term 'entitlement authority' means spending authority described by section 401(c)(2)(C). "(10) The term 'credit authority' means authority to incur direct loan obligations or to incur primary loan guarantee commitments.". (2) Paragraph (2) of section 3 of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting before the comma the following: "or to collect offsetting receipts.". Qa) CONGRESSIONAL BUDGET PROCESS.—Title III of the Congres-
sional Budget Act of 1974 is amended to read as follows:
"TITLE m—CONGRESSIONAL BUDGET PROCESS TIMETABLE 2 USC 631.
President of U.S. Report.
"SEC. 300. The timetable with respect to the congressional budget process for any fiscal year is as follows: "On or before: First Monday after January 3 February 15 February 25
Report.
April 1 April 15 May 15
Report.
June 10 June 15 June 30 October 1
Action to be completed: President submits his budget. Congressional Budget Office submits report to Budget Gdrnmittees. Committees submit views and estimates to Budget Committees. Senate Budget Committee reports concurrent resolution on the budget. Congress completes action on concurrent resolution on the budget. Annual appropriation bills may be considered in the House. House Appropriations Committee reports last annual appropriation bill. Congress completes action on reconciliation legislation. House completes action on annual appropriation bills. Fiscal year b ^ i n s.
" A N N U A L ADOPTION O F CONCURRENT RESOLUTION ON THE BUDGET 2 USC 632.
"SEC.
301. (a) CONTENT OF CONCURRENT RESOLUTION ON THE
BUDGET.—On or before April 15 of each year, the Congress shall complete action on a concurrent resolution on the budget for the fiscal year beginning on October 1 of such year. The concurrent resolution shall set forth appropriate levels for the fiscal year beginning on October 1 of such year, and planning levels for each of the two ensuing fiscal years, for the following— "(1) totals of new budget authority, budget outlays, direct loan obligations, and primary loan guarantee commitments; "(2) total Federal revenues and the amount, if any, by which the aggregate level of Federal revenues should be increased or decreased by bills and resolutions to be reported by the appropriate committees;
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