This bill amends the Congressional Budget Act of 1974, the Congressional Budget Impoundment and Control Act of 1974, and the Rules of the House of Representatives to change the process for the President's budget submission, congressional budget resolutions, appropriations bills, and government strategic and performance plans from the current annual process to a biennial process, in which a biennium is the two consecutive fiscal years beginning on October 1 of any odd-numbered year.

The Congressional Budget Office must submit to Congress a quarterly analysis comparing revenues, spending, and the deficit or surplus for the current fiscal year to assumptions included in the congressional budget resolution.

The House Budget Committee must use the second session of each Congress to study issues with long-term budgetary and economic implications.

The bill creates a point of order in the House and Senate against authorizations of appropriations that do not include specific authorizations covering at least each fiscal year in one or more bienniums.

The Office of Management and Budget must report to Congress on the impact and feasibility of changing the definition of a fiscal year and the budget process based on that definition to a two-year fiscal period.

The bill requires the biennial process to take effect beginning with the FY2020 budget process and sets forth procedures and requirements for a transition period during the 115th Congress.