Budget Process Sunset Review Act of 1986

Budget Process Sunset Review Act of 1986 - Title I: Commission on Budget Process Review - Establishes a Commission on Budget Process Review to: (1) review the operation and effectiveness of the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act); (2) study the impact of such Acts on executive and congressional operations; (3) determine whether such Acts should be continued, modified, or terminated; and (4) determine how such Acts might be amended to improve congressional and executive control of budgetary outlay and receipt totals and to reduce Federal deficits.

Directs the Commission to report its findings and recommendations to the Congress by September 30, 1987. Terminates the Commission by December 31, 1987. Authorizes appropriations.

Title II: Congressional Review and Action on Commission Report - Provides for congressional committee referral and hearings on the Commission's report. Requires the appropriate committee, by December 31, 1987, to report to its House a bill, resolution, or report containing its recommendations with respect to the Commission's report. Repeals the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 on March 15, 1988, unless legislation has been enacted, following the issuance of such committee report, continuing or modifying such Acts.