Sets forth the congressional budget for the federal government for FY2007, including the appropriate budgetary levels for FY2008-FY2011.
Title I: Recommended Levels and Amounts - (Sec. 101) 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.
Title II: Reconciliation - (Sec. 201) Requires recommendations to the House Committee on the Budget of changes in law sufficient to reduce the deficit by specified amounts by the following Committees: (1) Agriculture; (2) Armed Services; (3) Education and the Workforce; (4) Financial Services; (5) International Relations; (6) the Judiciary; (7) Transportation and Infrastructure; and (8) Ways and Means.
Requires the House Committee on the Budget to report to the House a reconciliation bill carrying out all such recommendations without any substantive revision.
Allows the Chairman of the Budget Committee (Chairman) to file with the House appropriately revised committee allocations and revised functional levels and aggregates.
Considers such revised allocations and aggregates to be allocations and aggregates established by the concurrent resolution on the budget.
Title III: Reserve Funds - (Sec. 301) Creates reserve funds, subject to specified conditions, for: (1) disposal of underutilized federal real property; (2) reauthorization of the Secure Rural Schools and Community Self-Determination Act; (3) calendar year 2007 alternative minimum tax relief; (4) the National Flood Insurance Program; (5) revision of the regulation of government-sponsored enterprises; and (6) full offset of appropriations for the Departments of Labor (DOL), Health and Human Services (HHS), Education, and other domestic priorities.
Title IV: Budget Enforcement - (Sec. 401) Sets forth prohibitions on advance appropriations in the House. Allows advance appropriations for FY2008 and FY2009 for specified accounts identified in the joint explanatory statement accompanying this resolution, but only in an aggregate of up to $23.565 billion in new budget authority.
(Sec. 402) Declares that, if any legislation is reported making appropriations for FY2007 for contingency operations related to the global war on terrorism, and other unanticipated defense-related operations, then the resulting new budget authority, new entitlement authority, outlays, and receipts shall not count for certain purposes of the Congressional Budget Act (CBA).
(Sec. 406) Requires the joint explanatory statement accompanying the conference report on any concurrent resolution on the budget to include in its allocations to the Committees on Appropriations in the House and Senate amounts for the discretionary administrative expenses of the Social Security Administration (SSA).
(Sec. 408) Authorizes the House Committee on Appropriations to make a separate suballocation for general appropriations for the legislative branch for the first fiscal year of this resolution.
(Sec. 409) Requires the budgetary effects of legislation or recommendations containing certain National Flood Insurance Program reforms to be scored without regard to the obligations resulting from the enactment of the National Flood Insurance Program Enhanced Borrowing Authority Act of 2006 (Public Law 109-208). Requires such estimate to assume the liquidating of the National Flood Insurance Fund's remaining contractual obligations resulting from claims with respect to 2005 floods.
(Sec. 410) Allows the Chairman to make appropriate adjustments in the allocations and aggregates of budget authority, outlays, and revenue set forth in this resolution to reflect the budgetary effects of any reported legislation extending expired federal tax policies, but only if such adjustments would not cause the level of revenue to be less than the level provided for in this resolution for FY2007-FY2011, nor cause the deficit to exceed the appropriate level of deficits provided for such fiscal years.
Title V: Emergency Reserve Fund - (Sec. 501) Allows the Chairman to make adjustments to the allocations and aggregates set forth in this resolution for any reported legislation providing new discretionary budget authority and outlays, and designated an emergency requirement. Limits the sum of such adjustments to $6.450 billion for FY2007.
Sets forth procedures for consideration of adjustments to such legislation if enactment would cause the total amount in the reserve fund for such fiscal year to be exceeded.
(Sec. 502) Specifies criteria and guidelines with respect to designated emergency requirements.
Title VI: Sense of Congress - (Sec. 601) Expresses the sense of Congress that the determination of the congressional budget for the federal government and the President's budget request should include consideration of the Financial Report of the United States Government, especially its information regarding the government's net operating cost, financial position, and long-term liabilities.
(Sec. 602) Expresses the sense of Congress that any revenue increases achieved through recovery of taxes legally owed to the U.S. Treasury but not actually paid (the so-called "tax gap") shall be dedicated entirely to reducing the deficit and the accumulated debt, and not to financing additional spending.
(Sec. 603) Declares that: (1) the House of Representatives recognizes the need to increase the President's FY2007 request for the Departments of Labor, Health and Human Services, Education, and Related Agencies Appropriation bill by not less than $7.158 billion; and (2) there should be included in any offsets enacted to provide for such increases a rescission of at least $1 billion from available, unobligated funds previously appropriated for reconstruction activities in Iraq.