Extends pay-as-you-go requirements through FY 2009.
Extends specified budget enforcement mechanisms through FY 2009.
Amends the Congressional Budget Act of 1974 concerning legislation which: (1) evades specified budget enforcement mechanisms; (2) provides direct spending (to be included in the Congressional Budget Office (CBO) analysis (scoring)); and (3) is unreported by committee (for purposes of budget point of order rules).
Requires reports on legislation which provide new budget, spending, or credit authority or otherwise provide an increase or decrease in revenues or tax expenditures to include a projection by CBO of the cost of debt servicing (interest).
Amends the Congressional Budget and Impoundment Control Act of 1974 to address issues of emergency spending through: (1) establishing criteria and guidelines; and (2) requiring a separate House vote on an emergency designation.
Amends the Rules of the House of Representatives concerning: (1) budget compliance statements (permitting inclusion of budgetary implications); (2) requirements for budget act waivers (inclusion mandatory for bill consideration); and (3) a separate vote to waive a major budget act point of order.