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li <br /> IV. REVISED CONGRESSIONAL BUDGET PROCESS <br /> A. PRESIDENT'S PROPOSED BUDGET <br /> I <br /> 1. MUST MEET DEFICIT LIMITS SET BY LAW FOR THAT YEAR <br /> 2. MUST BE (SUBMITTED IN EARLY JANUARY RATHER THAN LATE JANUARY AS UNDER <br /> PREVIOUS LAW <br /> B. HOUSE AND SENATE CONCURRENT BUDGET RESOLUTION <br /> 1. MUST MEET DEFICIT LIMITS SET BY LAW FOR THAT YEAR <br /> 2. MUST BE ('COMPLETED BY APRIL 15 INSTEAD OF TRADITIONAL MAY 15 DEADLINE <br /> C. RECONCILIATION LEGISLATION <br /> 1. ATTEMPT TO RECONCILE PRESIDENT'S PROPOSED BUDGET AND CONGRESS' <br /> CONCURRENT BUDGET RESOLUTION WITHIN MANDATED DEFICIT TARGET <br /> II <br /> 2. MUST BE CONCLUDED BY JUNE 15 <br />