require biennial congressional budget resolutions, instead of the annual budget resolutions required under current law;
retain the existing annual appropriations process;
require a budget resolution to specify a target for the ratio of the debt held by the public to the gross domestic product (GDP) for each year covered by the resolution;
require the debt-to-GDP target to be enforced using a reconciliation process that requires deficit reduction legislation to be considered using expedited legislative procedures;
allow a budget resolution to include the amount of tax expenditures;
provide for automatic adjustments of the debt limit and statutory discretionary spending limits to conform to the levels in the budget resolution;
modify the procedures for considering budget resolutions in the Senate;
allow budget resolutions that have bipartisan support and meet specified requirements to be considered in the Senate using expedited procedures;
modify and establish budget points of order that may be raised against legislation;
rename the Committee on the Budget of the Senate as the Committee on Fiscal Control and the Budget of the Senate; and
expand reporting requirements for congressional committees, the Office of Management and Budget, the Congressional Budget Office, and the Government Accountability Office.