Gulf War Compensation Act of 1991

Gulf War Compensation Act of 1991 - Authorizes the President to direct that any property of the Government of Iraq blocked pursuant to a specified executive order shall vest in the United States and be sold or otherwise liquidated. Provides for the deposit of funds acquired from such sales or liquidations in the general fund of the Treasury. Authorizes appropriations to carry out this Act in amounts up to: (1) amounts deposited in the fund and income from investments of such amounts; and (2) amounts of payments of interest and principal on loans made to small businesses under this Act.

Authorizes appropriations for: (1) disaster relief and rehabilitation assistance for Iraqi refugees and other persons in the Persian Gulf region displaced as a result of the Persian Gulf conflict; (2) the U.S. contribution to the United Nations Children's Fund for emergency humanitarian assistance for such individuals; and (3) assistance to countries for the reconstruction of property damaged by the Iraqi armed forces during the Persian Gulf conflict.

Makes amounts under this Act available to the Administrator of the Small Business Administration for making loans to small business concerns that are: (1) owned and controlled by reservists and that have suffered economic injury as a result of the service of such reservists on active duty on or after August 1, 1990; or (2) located in the vicinity of a military installation and that have suffered economic injury as a result of an emergency deployment, occurring on or after such date, of at least 10,000 individuals comprising at least 60 percent of the personnel normally assigned to the installation. Limits the aggregate outstanding amount of loans and the amount of loans to any one borrower. Subjects such loans to the same conditions applicable to disaster loans made under the Small Business Act.

Directs the Secretary of Veterans Affairs (VA), during FY 1992, to increase funding for: (1) the acquisition of equipment for Department of Veterans Affairs medical centers and for the National Cemetery System; (2) outpatient treatment; (3) the homeless chronically mentally ill veterans program; (4) the treatment of post-traumatic stress disorder and the training of individuals who treat veterans with such disorder; and (5) the study of the health effects of exposure to Kuwait oil fires set during the Persian Gulf conflict.

Requires the Secretary of Labor, during FY 1992, to increase funding for: (1) veterans' employment programs under the Job Training Partnership Act; (2) the Transition Assistance Program and the Disabled Transition Assistance Program; (3) the National Veterans Training Institute; (4) employment of local veterans employment representatives; and (5) the Disabled Veterans Outreach Program.

Increases the educational assistance allowance for survivors and dependents under Federal veterans' benefits provisions.

Requires the Secretary of Health and Human Services to: (1) conduct a research and epidemiological study of the adverse health effects resulting from exposure to the Kuwaiti oil fires set during the Persian Gulf conflict; (2) periodically consult with the Secretary of the VA to determine what changes in veterans' benefits would be necessary to respond to consequences of such exposure; and (3) periodically consult with the Kuwaiti Government and report to the Secretary of State to recommend services to respond to consequences of exposure of those residing in Kuwait. Authorizes appropriations.

Amends the Congressional Budget Act of 1974 to raise certain discretionary spending limits during FY 1992 through 1995.