To reform the budget process.

Amends the Congressional Budget Act of 1974 to establish a Joint Committee on the Budget to replace and assume the current functions and duties of the Budget Committees of the Senate and House of Representatives. Amends the Standing Rules of the Senate and the Rules of the House of Representatives to reflect the establishment of the new Joint Committee. Lists matters within the Committee's jurisdiction.

Establishes a two-year budgeting cycle, but continues annual appropriations legislation. Devotes the first session of any Congress to action on a joint resolution on the biennial budget, subject to the following revised deadlines: (1) April 15 for the Joint Budget Committee to report its joint resolution; (2) May 15 for the Congress to complete action on the resolution; and (3) September 30 for the Congress to complete action on annual appropriations bills and on reconciliation legislation.

Shifts the budget resolution from a concurrent to a joint resolution form (thereby requiring the President's signature). Revises the resolution to separate committee allocations of budget and credit authority and budget outlays into the following functional totals: (1) defense discretionary; (2) defense entitlement and mandatory; (3) domestic discretionary; (4) domestic entitlement and mandatory; (5) international affairs discretionary; (6) international affairs entitlement and mandatory; (7) offsetting receipts; and (8) net interest.

Requires the Director of the Congressional Budget Office to issue four-year projections of congressional budget action. (Current projections are on a five-year basis.)

Amends Federal law to require the President's budget for a biennium to be set forth in the same accounts as those set forth in the Budget Accounts Listing in the budget submitted for FY 1991. Requires the President to consult with committees having jurisdiction over programs affected by proposed changes before any changes may be made in the budget tables. (Current law requiring consultation with the Budget and Appropriations Committees remains unchanged.)

Conforms provisions governing the President's budget to the biennial framework. Directs the President to transmit during the first 15 days of the second session any budget revisions with respect to the budget transmitted in the first session, whose deadline is changed to the 15th day after the session begins.

Makes allocations subsequent to the joint budget resolution only to the Appropriations Committees, for subdivision among their subcommittees by the relevant major functional categories.

Requires that if the Congress has not adopted a joint budget resolution by May 15 for the biennium that begins on October 1 of that year, it will be deemed to have adopted the resolution at the baseline level under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with reductions assumed as necessary to meet maximum deficit target amounts.

Appropriates as continuing appropriations amounts effective for the preceding fiscal year if a regular appropriations bill has not become law before the beginning of the fiscal year.

Expresses the sense of the Congress that before FY 1994 legislation should be enacted establishing fiscal targets beyond those mandated by the Gramm-Rudman-Hollings Act, with the object of producing a unified budget surplus and eliminating the deficit with respect to budget amounts that do not include the social security trust funds.