(Sec. 3) Amends the Congressional Budget and Impoundment Control Act of 1974 to define the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year.
(Sec. 4) Conforms provisions of the Rules of the House of Representatives, provisions governing the President's budget, and requirements for certain strategic and performance plans and reports to the biennial framework.
(Sec. 7) Provides a point of order against any measure that contains a specific authorization of appropriations unless such authorization is for each fiscal year in a biennium.
(Sec. 8) Places Government strategic and performance plans on a biennial timetable, excluding pilot projects for performance budgeting.
(Sec.10) Requires agency heads, the Comptroller General, and the Directors of the Congressional Budget Office and the Congressional Research Service to provide congressional committees with the necessary information for program review.
(Sec.11) Requires the Director of the Office of Management and Budget to report to both congressional budget committees and the House Rules Committee on the impact and feasibility of changing the fiscal year and budget process to a biennial framework.
(Sec.12) Requires the President's budget submission for FY 2004 to identify budget accounts for which an appropriation should be made for each fiscal year of the FY 2004-2005 biennium. Directs congressional committees, during the 108th Congress, to work with the Comptroller General to develop plans to transition program authorizations to a multi-year schedule. Sets forth additional transition requirements.
(Sec.13) Makes this Act applicable to budget resolutions and appropriations for the biennium beginning with FY 2006.