(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
Sets forth the congressional budget for the federal government for FY2012, including the appropriate budgetary levels for FY2013-FY2021.
Title I: Recommended Levels and Amounts - (Sec. 101) Lists recommended budgetary levels and amounts for FY2012-FY2021 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.
(Sec. 102) Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2012-FY2021.
Title II: Recommended Levels and Amounts for FY2030, FY2040, and FY2050 - (Sec. 201) Lists recommended budgetary levels and amounts for FY2030, FY2040, and FY2050 as a percent of the federal gross domestic product (GDP) with respect to: (1) federal revenues, (2) budget outlays, (3) deficits, and (4) debt held by the public.
Title III: Reserve and Contingencies - (Sec. 301) Authorizes adjustment of allocations to the House Committee on Appropriations for the costs of the global war on terrorism and other activities for FY2012 if legislation makes appropriations for such costs and it is designated under this resolution.
(Sec. 303) Authorizes certain reserve funds for legislation for health care reform and the sustainable growth rate of the Medicare program.
(Sec. 305) Authorizes certain deficit-neutral reserve funds for revenue measures and for rural counties and schools.
Title IV: Budget Enforcement - (Sec. 401) Establishes specified discretionary spending limits in the House for FY2012-FY2021.
Makes it out of order to consider in the House any legislation that would cause the discretionary spending limits in this section to be exceeded.
(Sec. 402) Prohibits House legislation that would require advance appropriations, except certain FY2013 programs, projects, activities, or accounts.
(Sec. 404) Authorizes the chairman of the House Committee on the Budget, under specified conditions, to adjust allocations and aggregates in this resolution for the budgetary effects of: (1) measures extending the Economic Growth and Tax Relief Reconciliation Act of 2001; (2) measures extending the Jobs and Growth Tax Relief Reconciliation Act of 2003; (3) measures that adjust the Alternative Minimum Tax (AMT) exemption amounts to prevent a larger number of taxpayers as compared with tax year 2008 from being subject to the ATM or of allowing the use of nonrefundable personal credits against it, or both as applicable; (4) extending the estate, gift, and generation-skipping transfer tax requirements of title III of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; (5) measures implementing trade agreements; (6) repealing or reforming the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act of 2010; and (7) measures reforming the tax code and lower tax rates.
Disqualifies measures from such adjustments that increase: (1) the federal deficit between FY2012-FY2021; or (2) revenues over such period, other than by repealing or modifying the individual mandate or by modifying the subsidies to purchase health insurance (both codified in the Internal Revenue Code).
Declares that, if a committee other than the Committee on Appropriations reports legislation that decreases direct spending (budget authority and outlays) for any fiscal year and also that authorizes appropriations for the same purpose, upon the enactment of such measure, the chairman of the Committee on the Budget may decrease the allocation to such committee and increase the allocation of discretionary spending to the Committee on Appropriations for FY2012 and the applicable discretionary spending limits by an amount equal to the new budget authority and outlays provided for in legislation making appropriations for the same purpose.
(Sec. 405) Makes it out of order in the House to consider legislation reported out of committee (other than the Committee on Appropriations) if it has the net effect of increasing mandatory spending in excess of $5 billion for any of the first four consecutive 10-fiscal-year periods beginning with the first fiscal year following the last fiscal year for which the applicable budget resolution sets forth appropriate budgetary levels.
(Sec. 406) Requires the joint explanatory statement accompanying the conference report on any budget resolution to include in its allocation to the House Committee on Appropriations amounts for the discretionary administrative expenses of the Social Security Administration (SSA) and of the Postal Service.
Authorizes the chairman to adjust allocations and aggregates for legislation reported by the Committee on Oversight and Government Reform that reforms the federal retirement system, but does not cause a net increase in the deficit for FY2012-FY2021.
(Sec. 408) Requires any CBO estimate prepared for a measure under the Federal Credit Reform Act also to provide, as a supplement, and to the extent practicable, upon the request of the chairman or ranking member of the Committee on the Budget, an estimate of the current actual or estimated market values representing the "fair value" of assets and liabilities affected by such measure.
Authorizes the chairman to use such estimate to determine compliance with the Congressional Budget Act of 1974 and other budgetary enforcement controls.
(Sec. 409) Terminates the force and effect of H.Res. 5 (112th Congress) provisions relating to: (1) advance appropriations, (2) the treatment of off-budget administrative expenses, and (3) a long-term spending point of order.
Title V: Policy - (Sec. 501) Declares the policy on this resolution on: (1) Medicare reform, (2) Social Security, and (3) budget enforcement.
Title VI: Sense of the House Provisions - (Sec. 601) Expresses the sense of the House of Representatives on: (1) a responsible deficit reduction plan must consider all programs, including those at the Pentagon and other national security agencies; and (2) the importance of child support enforcement.