May 15 Congress completes action on the First Concurrent Resolution. Also deadline for authorization legislation to be reported out of committees. Budget committees hold hearings to review proposed taxing levels, underlying economic assumptions and proposed authorization and appropriation levels. Budget committees then draft and submit Second Concurrent Resolution on the Budget, which sets absolute spending levels and revenue floors for next fiscal year, sometimes beyond. President's signature is not required for this resolution, either.
Reconciliation process begins, which is intended to enforce the budget resolutions.
Often, budget resolution and reconciliation law are combined. Final action of any necessary reconciliation of authorization, appropriation and tax bills is to be completed. An appropriation bill is the most common form of budget authority, and usually follows guidelines in an authorization bill. It can set a time limit on the life of a program or it can be indefinite. It usually establishes a spending ceiling that will serve as a guideline for all appropriations.