Sets forth the congressional budget for the federal government for FY2007, including the appropriate budgetary levels for FY2008-FY2011.
Lists recommended budgetary levels and amounts for FY2007-FY2011 with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; and (6) debt held by the public.
Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2007-FY2011.
Sets forth reconciliation instructions for the Committees on: (1) Agriculture; (2) Armed Services; (3) Education and the Workforce; (4) Energy and Commerce; (5) Government Reform; (6) Resources; (7) Transportation and Infrastructure; and (8) Ways and Means.
Requires the Committee on Ways and Means to report a reconciliation bill providing for revenue reduction.
Requires the Committee on Veterans' Affairs to submit to the Committee on the Budget its findings that identify savings amounting to 1% of total spending under its jurisdiction from activities that are wasteful, unnecessary, or lower-priority.
Establishes a reserve fund for emergencies.
Prohibits House legislation that would require advanced appropriations, with a specified exception.
Makes rule XXVII of the House (the Gephardt Rule, relating to mandatory adjustment of the statutory limit on the public debt to conform to a budget resolution) inapplicable with respect to the adoption by Congress of a budget resolution for FY2007.
Requires: (1) reported legislation designated as an emergency requirement to include an explanation of the manner in which the legislation meets specified criteria; and (2) if such legislation is to be considered without being reported, the explanation to be published in the Congressional Record in advance of floor consideration.
Provides for changes in allocations and aggregates resulting from realistic scoring of measures affecting federal revenues.
Prohibits the use of revenue increases to comply with budget allocations and aggregates.
Makes it out of order in the House to consider direct spending legislation that would increase an on-budget deficit or decrease an on-budget surplus for any specified applicable time period.
Requires the chairman of the Committee on the Budget to maintain a: (1) Budget Protection Mandatory Account; and (2) Budget Protection Discretionary Account.