Deficit Reduction and Control Act of 1992

Deficit Reduction and Control Act of 1992 - Amends the Congressional Budget Act of 1974 to reduce maximum deficit amounts. Revises discretionary spending limits for FY 1992 and 1993 to reduce new budget authority and outlays for the defense category. Reduces such limits for the discretionary categories for FY 1994 and 1995.

Requires the concurrent resolution on the budget to include discretionary spending limits for defense and nondefense categories for FY 1994 and 1995 as provided for in FY 1991, 1992, and 1993. Sets forth congressional requirements for enacting a joint resolution incorporating such spending limits. Requires enforcement through the sequestration provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Amends such Act to provide that for FY 1994 and 1995, the nondefense category shall consist of all discretionary appropriations other than those in the defense category.