; and (B) in estimating the level of deficit reduction required, shall account for interest effects by reducing the target by the percentage equal to percent of deficit reduction stemming from interest changes assumed in the most recently agreed to concurrent resolution on the budget. . II Biennial budgeting, contents of budget resolution, and bipartisan budgets 201. Biennial budgeting generally (a) Declaration of Purpose Section 2(2) of the Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 621(2) ) is amended by striking each year and inserting biennially . (b) Definitions (1) Budget resolution Section 3(4) of the Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 622(4) ) is amended by striking fiscal year each place it appears and inserting biennium . (2) Biennium Section 3 of the Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 622 ) is amended by adding at the end the following: (12) The term biennium means the period of 2 consecutive fiscal years beginning on October 1 of any odd-numbered year. . 202. Contents of concurrent resolution on the budget (a) Section heading The section heading of section 301 of the Congressional Budget Act of 1974 ( 2 U.S.C. 632 ) is amended by striking Annual and inserting Biennial . (b) Contents of resolution generally Section 301(a) of the Congressional Budget Act of 1974 ( 2 U.S.C. 632(a) ) is amended— (1) by striking the matter preceding paragraph (1) and inserting the following: (a) Content of concurrent resolution on the budget On or before May 15 of each odd-numbered year (or, if applicable under section 300(b), June 15 of an odd-numbered year), Congress shall complete action on a concurrent resolution on the budget for the biennium beginning on October 1 of such year. The concurrent resolution shall— ; (2) by redesignating paragraphs (1) through (7) as subparagraphs (A) through (G), respectively, and adjusting the margin accordingly