(Measure indefinitely postponed in Senate, H. R. 2283 passed in lieu) Amends the Council on Wage and Price Stability Act to extend the authority granted by such Act to September 30, 1980. Authorizes the appropriation of $6,952,000 for fiscal year 1979 and $8,483,000 for fiscal year 1980. Directs the Council on Wage and Price Stability to review its policies with respect to promoting greater productivity growth and to submit a report of its findings and recommendations to the Congress by July 1, l979. Amends the Employment Act of 1946 to require the President to establish in the Economic Report goals for Federal outlay as a proportion of gross national product. Establishes goals for the reduction of the share of the Nation's gross national product accounted for by Federal outlays at 21 percent or less by 1981, and at 20 percent or less by 1983, or the lowest level consistent with national needs and priorities. Provides that policies and programs for achieving such goals shall not impede the reduction of unemployment. Specifies that upon the achievement of the 20 percent goal, each succeeding Economic Report submitted by the President to the Congress shall have the goal of establishing the share of an expanding gross national product accounted for by Federal outlays at a level of 20 percent or less, or the lowest level consistent with national needs and priorities. Provides that policies and programs for achieving such goal shall not impede the reduction of unemployment. Directs the Council to focus attention on the need to increase productivity and on the need to move toward full employment, and to take into consideration such needs in monitoring wages and prices to determine compliance with promulgated standards.