District of Columbia Emergency Deficit Reduction Act of 1991

District of Columbia Emergency Deficit Reduction Act of 1991 - Amends the District of Columbia Self-Government and Governmental Reorganization Act to authorize the Mayor of the District of Columbia, with the approval of the Council, to reduce the appropriations or amounts made available to District of Columbia independent agencies (including the Board of Education) for a fiscal year, if a reduction in such amounts is necessary to balance the District's budget.

Exempts the District of Columbia courts and the District of Columbia Council from coverage under this Act.

Permits the District government to separate an officer or employee subject to its merit system if: (1) such officer's or employee's position is determined by the District of Columbia Council to be excessive; and (2) the separation is implemented during the 18-month period that begins on the date of enactment of the Comprehensive Merit Personnel Act Emergency Amendment Act of 1991.

Authorize the District of Columbia to issue general obligation bonds to finance its outstanding general fund deficit for FY 1990.

Ceases the issuance of such bonds after September 30, 1992.

Waives the period for congressional review for the General Fund Recovery Act of 1991. Makes such Act effective upon its enactment or the enactment of this Act.